Non-Invasive Construction Optimization Startup Versatile Natures Secures $5.5 Million in Seed Funding
AI and IoT platform accelerates project completion and increases profits through real-time, actionable insights on the status and safety of construction projects
SAN FRANCISCO, CA (August 21, 2019) — Versatile Natures, a startup using machine learning and AI in a non-intrusive manner to optimize construction processes, today announced that it has raised $5.5 million in seed-funding to scale across North America and expand its growing team in San Francisco & Tel-Aviv. Robert Bosch Venture Capital GmbH, the venture arm of Robert Bosch GmbH, led the round of financing, and is joined by Conductive Ventures and construction technology experts Leigh Jasper and Rob Phillpot, as well as previous investor, Root Ventures.
“We are very grateful for the immense support from top tier investors and high-profile strategic partners,” said Versatile Natures’ co-founder and CEO, Meirav Oren. “RBVC and others bring deep experience across the global construction and manufacturing industry and we’re looking forward to expanding to new cities across North America and growing our exceptional team.”
Versatile Natures offers a holistic view of a construction project and transforms any construction site into a smart, data-collecting field for project improvement. Through IoT sensors mounted under the hook of a crane, Versatile Natures constantly collects and analyzes data on the progress of the construction process. It then improves the process by empowering site managers with actionable insights they would previously spend countless hours searching for or never being aware of, including information on materials, redundancies, construction progress and crane utilization. Their platform, CraneView™, is fully integrated with Building Information Models (BIM), Enterprise Resource Planning (ERP) as well as Project Management and other systems.
“We’re excited to support the Versatile Natures team in their mission to bring more efficiency and profitability to construction projects everywhere,” said RBVC Managing Director Dr. Ingo Ramesohl. “We believe Versatile Natures is building an industry-changing AI and IoT solution that will transform how the world views construction.”
Despite the continued growth of the construction industry — which creates $1.3 trillion worth of structures each year according to the Associated General Contractors of America (AGC) — the construction market today is still using manual processes and has yet to digitize decision making. Versatile Natures’ first-of-its-kind, automated technology can serve as a trusted partner to the industry, bringing increased efficiency, safety and cost-savings to any project. The company’s technology is already being deployed on construction sites across the United States, including in San Francisco, New York, Miami, Seattle, San Jose, Fort Lauderdale, and Hawaii.
Versatile Natures has also received support from Autodesk, Tidhar, and Urban Us and is an alumnus of URBAN-X, the MINI-backed accelerator for startups reimagining city life, and of MassChallenge (Gold Winners).
About Versatile Natures
Versatile Natures is a company working to transform and optimize processes, using machine learning and state-of-the-art AI in non-intrusive manner. The company increases safety and productivity in fields where technological advancement has yet to help improve workflows, workdays, and workers’ lives.
Versatile Natures’ first platform, CraneView™, transforms construction sites across the globe into a smarter, safer work environment. Versatile Natures’s patent-pending AI and IoT platform delivers actionable insights to construction professionals. The company’s state-of-the-art machine-learning and AI guides, alerts, and helps construction managers drive faster decision making for a better workflow, workday, and worklife for those on the site.
For more information, visit: https://www.versatile.ai.