Versatile, a company using machine learning and AI to optimize construction processes, today announced that it has raised $20 million in Series A funding. The round was led by Insight Partners and Entree Capital, and joined by previous investors Robert Bosch Venture Capital GmbH, Root Ventures, Conductive Ventures, and veteran construction technology entrepreneurs Leigh Jasper and Rob Phillpot. The new funding will allow Versatile to continue to rapidly scale its award-winning product across the $10 trillion global construction industry.
Leveraging AI and IoT, Versatile’s CraneView® captures and analyzes thousands of data points to deliver real-time insights on jobsite performance and streamline decision-making. Mounted under the hook of any crane, this first-of-its-kind technology offers unparalleled production data on any jobsite — including information on materials, redundancies, construction progress and crane utilization — and empowers project teams to work safer, faster, and enable a manufacturing approach to the way we build. The new funding will accelerate growth and availability of the solution, as well as the development of new, AI-based capabilities to create more connected insights for a variety of users.
“Investing in Versatile was an easy decision given how naturally their product fits the job site workflows, its high ROI, and their customer feedback about the value and experience of utilizing the CraneView solution,” said Nikitas Koutoupes, Managing Director at Insight Partners, who is also joining Versatile’s board.
Construction accounts for 13% of global GDP and is responsible for the buildings, roads, and infrastructure that power the ways people live, work and travel. A $265 billion annual profit pool awaits disruptors according to McKinsey & Company, and demand for construction technology solutions that increase efficiencies rapidly grew in 2020. Versatile provides a powerful, non-intrusive solution for the construction market, transforming traditionally time-consuming, manual processes through in-depth understanding of the efficiencies and opportunities to boost productivity and safety of any project. CraneView® is being used by top General Contractors on projects across the U.S. and Canada.