US-based exterior design modelling platform Hover has received $25m in a series C round that included building materials provider Standard Industries and GV, a corporate venturing subsidiary of internet technology conglomerate Alphabet.
Venture capital firm Menlo Ventures led the round, which increased the company’s overall funding to $87m. Menlo Ventures partner Matt Murphy will join Hover’s board of directors in conjunction with its investment.
Founded in 2011, Hover has created software that enables users to transform photographs into 3D models through computer vision and deep learning technology. They can also work out exact measurements and purchase materials directly through the company’s app.
Exterior designers can use the platform to quote prices for their work, while carriers in the insurance industry leverage the technology to reduce costs associated with claim adjustments. Having doubled its headcount over the past eight months, Hover plans to now expand its team further.
AJ Altman, Hover’s chief executive and founder, said: “Hover gives homeowners the information needed to maximise the value of their largest economic asset.
“In a world where you can buy and sell your home online, you should also have the ability to plan and complete renovation projects from the palm of your hand.”
The company also raised $25m in a January 2018 series B round led by GV with participation from Standard Industries and home improvement retailer Home Depot.
VC firm Alsop Louie Partners led Hover’s $6m series A round in 2015, investing alongside property manager Maverick Investments and Almaz Capital. The company raised an additional $14m from undisclosed investors in October 2016, according to a regulatory filing.