JERUSALEM, Sept 14 (Reuters) – Construction technology company Versatile said on Tuesday it raised $80 million in a private funding round led by venture capital and private equity firm Insight Partners and joined by technology investment firm Tiger Global.
Versatile developed a product that is mounted under the hook of a crane and collects data at the jobsite, including information on materials, construction progress and how the crane is being used.
Since launched in 2019, the product has been adopted by over 40% of the leading general contractors in North America, Versatile said.
The new funds, it said, will be used to support growth and expand service to insurers.
The company is based in the United States with research and development centered in Israel.
Reporting by Ari Rabinovitch
Editing by Steven Scheer