US-based construction technology developer Versatile closed a $80m series B round yesterday featuring Robert Bosch Venture Capital (RBVC), the corporate venturing vehicle for industrial technology group Bosch.
Conductive Ventures, a growth equity firm backed by electronics producer Panasonic, also took part in the round, which was co-led by Insight Partners and Tiger Global Management.
Entrée Capital, Root Ventures and construction technology-focused entrepreneurs Leigh Jasper and Rob Philpot filled out the participants in the round.
Founded in 2016, Versatile has built an artificial intelligence-equipped internet-of-things tool that helps construction firms analyse on-site data.
Meirav Oren, co-founder and CEO of Versatile, said: “This funding enables us to do more for the construction professionals we proudly serve, creating opportunities for them to measure, improve and win while enhancing a culture of safety.”
Insight Partners and Entrée Capital had co-led the company’s $20m series A round in December 2020, investing alongside RBVC, Conductive Ventures, Jasper and Phillpot.
RBVC had led a $5.5m seed round for Versatile in mid-2019 that included Conductive Ventures, Root Ventures, Jasper and Phillpot. It had previously secured $3m from backers including Urban-X, Root Ventures, Urban Us and multiple angel investors.
