Smart construction startup Versatile closes $80 million Series B
The Israeli company's leading product, CraneView, analyzes thousands of data points to deliver insights on jobsite performance to streamline decision-making
Israeli startup Versatile, which has developed construction technology using artificial intelligence (AI) and the internet of things (IoT), announced on Tuesday that it has secured $80 million in Series B funding. Insight Partners led the round, joined by Tiger Global."We turn cranes into a control tower of sorts," Meirav Oren, Chief Executive Officer and Co-Founder of Versatile, told Calcalist. Oren, who comes from a family that is involved in the construction business, said that she had been the black sheep of the family for choosing a career in tech until she founded Versatile, with her father being a contractor and her brother also working in the sector. "I may have initially chosen not to be in this sector, but this is like returning home. It is very comfortable when you have people that can provide feedback the way clients would."
Construction industry veterans, including Tooey Courtemanche, founder and CEO of Procore, and Ralph Gootee, co-founder of PlanGrid, also joined as new investors.Versatile was founded in 2016 by Oren, Danny Hermann (CPO), Barak Cohen (CTO), and Ran Oren (CSO). The company's leading product, CraneView, collects novel data on both progress and process; what got built–and how it got built–and analyzes thousands of these data points to deliver insights on jobsite performance to streamline decision-making. Mounted under the hook of any crane, this technology offers production data on any jobsite–including information on materials, redundancies, construction progress and crane utilization. Since its 2019 launch, CraneView has been adopted by over 40% of the leading general contractors in North America.