Versatile Natures, an Israeli startup using machine learning and AI to improve construction processes, has raised $5.5 million in seed funding. The company intends to use the funding to expand its teams in Tel Aviv and San Francisco.
The round was led by Robert Bosch Venture Capital (RBVC), the corporate venture capital company of the Bosch Group. Other investors included Conductive Ventures, construction technology experts Leigh Jasper and Rob Phillpot, and previous backer 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.”
According to the company, their technology transforms any construction site into a smart, data-collecting field, by providing detailed analysis on the project’s status, while drastically improving onsite safety.
By delivering crucial, real-time actionable insights, Versatile Natures’ platform empowers construction managers to make more informed and timely decisions than ever before, ultimately accelerating the completion and increasing the profits of any project, the company says.
“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.”
Versatile Natures’ CraneView platform, which uses IoT sensors mounted under the hook of a crane, is integrated with Building Information Models (BIM), Enterprise Resource Planning (ERP), as well as Project Management and other systems.