SAN FRANCISCO--(BUSINESS WIRE)--Versatile®, a construction technology pioneer using artificial intelligence (AI) and the internet of things (IoT) to optimize construction processes, today announced it has secured $80 million in Series B funding. Insight Partners led the round, joined by Tiger Global. The investment will support the company’s rapid growth and strengthen its data-driven capabilities. It will also help expand Versatile’s service to insurers and across the construction value chain.
“Today’s announcement is a meaningful milestone for the construction industry, not just Versatile,” said Meirav Oren, Chief Executive Officer and Co-Founder of Versatile. “It affirms our industry is innovative, forward-thinking, and worthy of the world’s leading technology investments. This funding enables us to do more for the construction professionals we proudly serve, creating opportunities for them to measure, improve and win while enhancing a culture of safety.”
The Series B was joined by Versatile’s existing investors Robert Bosch Venture Capital GmbH, Entrée Capital, Root Ventures, Conductive Ventures, and veteran construction technology entrepreneurs Leigh Jasper and Rob Philpot, all of whom participated in Versatile’s $20 million Series A in December 2020.
Construction industry veterans, including Tooey Courtemanche, founder and CEO of Procore, and Ralph Gootee, co-founder of PlanGrid, also joined as new investors.
“We’re proud to continue our support of Versatile and its mission,” said Nikitas Koutoupes, Managing Director at Insight Partners and Versatile board member. “Our conviction in Versatile stems from observing the value they deliver in a way that works seamlessly within the customer’s existing workflows; we are confident Versatile will be as common on the jobsite as the crane itself. Further investment in its people-centered, seamless solutions is a meaningful boon for the industry—and what’s yet to come for construction technology.”
CraneView®, Versatile’s leading product, 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 transformational insights on jobsite performance to streamline decision-making. Mounted under the hook of any crane, this first-of-its-kind 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.
“Incorporating CraneView into our construction projects transformed the crane into a valuable data tool,” said Jim Barrett, Vice President and Chief Innovation Officer for Turner Construction Company. “Versatile serves as a genuine partner in guiding our industry toward a more connected and collaborative jobsite culture.”
Headquartered in Los Altos, CA, Versatile creates technology that gives construction professionals unmatched visibility into their production rates. By delivering the right data to the right people at the right time while naturally fitting existing processes, a fragmented industry becomes a controllable manufacturing process. The result? Increased productivity, predictability and safety with the insights needed to manage and bid future projects more competitively.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Tiger Global Management
Tiger Global Management is a leading global technology investment firm with over $75 billion under management. The firm focuses on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global's investments have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Peloton, Attentive, LinkedIn, Flipkart, and Toast.