Versatile, a US-based construction technology provider secured $20m yesterday in a series A round backed by Robert Bosch Venture Capital (RBVC), the corporate venturing unit for industrial technology group Bosch.
Conductive Ventures, the growth equity firm sponsored by electronics manufacturer Panasonic, also invested in the round, which was co-led by growth equity firm Insight Partners and venture capital firm Entree Capital. It was filled out by entrepreneurs Leigh Jasper and Rob Phillpot.
Founded in 2016, Versatile is the creator of a software platform that uses artificial intelligence (AI) and internet-of-things technollogy to analyse construction site data and generate insights in real time.
The company’s CraneView system can be mounted onto the hook of any crane and is intended to increase productivity and safety across the construction process. It is an alumnus of Urban-X, a startup accelerator launched by carmaker Mini in partnership with VC firm Urban Us.
Versatile will use the new funding to accelerate growth, develop new AI-based features for its platform and expand the availability of its services.
Versatile raised $5.5m in an August 2019 seed round led by RBVC that also featured Conductive Ventures, Root Ventures, Leigh Jasper and Rob Phillpot. It had previously pulled in $3m of funding from investors including Urban-X, Root Ventures, Urban Us and various individuals, according to Crunchbase News.