San Francisco-based construction startup Versatile is announcing today that it has raised a $20 million Series A. The round was led by Insight Partners and Entree Capital, along with investors. The startup has developed a piece of hardware designed to be mounted to a crane. From that vantage point, it is capable of capturing and analyzing data across a construction site.
The company says it’s able to use that information to provide a picture of construction progress, with additional information on site materials, while targeting any potential redundancy in the space.
The hardware is equipped with a series of cameras and sensors so users can view data, and use AI to determine what the material being lifted is. Collected data is compiled into charts and graphs that are available in both web and mobile view, and help the project management team determine where their inefficiencies lie. It also measures the load, weight, and motion of any material lifted, as well as tracking the time for rigging, unrigging, task, and idle time.
“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 job sites into controlled manufacturing with fast feedback loops,” co-founder and CEO Meirav Oren said in a release tied to the news.
Source: Tech Crunch & Construction Junkie
