Israeli startup Versatile (formerly Versatile Natures), which develops an AI platform for optimizing construction, announced a $20 million Series A funding round. The investment was led by Insight Partners and Entree Capital, with participation from existing investors, including Root Ventures, Robert Bosch Venture Capital GmbH, Conductive Ventures, and veteran construction technology entrepreneurs Leigh Jasper and Rob Phillpot.
On-site cranes will provide critical data
Versatile is developing a system that is aiming to usher the old-school construction sector into the era of smart solutions. By leveraging AI and IoT sensors on Versatile’s CraneView system captures and analyzes thousands of data points to deliver real-time insight for streamlining job-site decision-making.
The company’s system integrates into different building information models, organizational planning and project management systems that are popular in the construction business today. Versatile has already implemented its proprietary technology in construction sites all over the U.S. According to company reports, the system not only optimizes the construction process but also increases site safety.
“You can only improve what you can measure, and at Versatile we are just scratching the surface of what we can do to create value for our users and use data to turn jobsites into controlled manufacturing with fast feedback loops,” said Meirav Oren, co-founder and CEO of Versatile. “We are thrilled to receive continued support from top-tier investors. This accomplishment is a testament to our industry, and I can’t wait to serve more teams, helping to make the professionals of our industry even better at what they are already great at.”
Versatile was founded in 2016 by CEO Meirav Oren, Ran Oren, CTO Barak Cohen, and CPO Danny Hermann. The company has offices in Tel Aviv, Brooklyn, and San Francisco. In total, Versatile has raised $28.5 million to date, and the company stated that the newly acquired capital will help accelerate development and availability of the smart construction companion.