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Robert Bosch Venture Capital leads USD 5.5 million investment round in Versatile Natures

Aron Bahnmüller >

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Unlocking the full potential of the construction industry’s efficiency through machine learning and state-of-the-art AI

  • Robert Bosch Venture Capital leads the funding round and invests together with Conductive Ventures, Root Ventures and construction technology experts Leigh Jasper and Rob Phillpot
  • AI and IoT sensor-based software platform for construction sites reduces inefficiencies by offering a holistic view of projects, delivering detailed insights on material location and consumption, redundancies, construction progress, and crane utilization
  • “Versatile Natures has the potential to revolutionize the construction industry,” says RBVC managing director Dr. Ingo Ramesohl

Stuttgart, Germany – Robert Bosch Venture Capital GmbH (RBVC), the corporate venture capital arm of the Bosch Group, leads a 5.5 million U.S. dollar seed financing round in Versatile Natures, investing together with Conductive Ventures, Root Ventures and construction technology experts Leigh Jasper and Rob Phillpot. The San Francisco, California (United States) based company has developed an Internet of Things (IoT), sensor-based software platform for construction sites. This solution reduces inefficiencies by offering a holistic project overview and actionable insights on material location and consumption, redundancies, construction progress and crane utilization, using artificial intelligence (AI). The proceeds of the round will be used to scale the company’s business across North America and further expand its teams in San Francisco and Tel-Aviv. “By providing detailed, actionable insights, Versatile Natures’ solution helps drive efficiency of construction projects,” says RBVC managing director Dr. Ingo Ramesohl. “Versatile Natures has the potential to revolutionize the construction industry.”

Onsite data drives efficiency

Versatile Natures' state-of-the-art platform transforms any construction site into a smart production floor, allowing for more efficient management and execution. Through IoT sensors mounted under the hook of a crane, Versatile Natures continuously collects and analyzes data on the progress of the construction process such as the stage of the project as compared to the plan, and material location and amount. It then improves the process by empowering site managers with actionable insights they would previously spend countless hours searching for or never even being aware of e.g. changing order of actions taken to increase efficiency. The company’s platform, CraneView™, integrates with the existing construction tool landscape, including software tools such as Building Information Models (BIM) and Enterprise Resource Planning (ERP).

“In view of the increasing demand for construction in cities, site and process optimization are crucial. We therefore see a huge potential for our solution, which not only increases efficiency but also empowers professionals on the construction site,” says Versatile Natures’ co-founder and CEO, Meirav Oren. “We’re very grateful for the support from an exceptional manufacturing brand like Bosch and believe this relationship presents mutual opportunities for growth.”

Digitalization of the construction industry

According to the Associated General Contractors of America (AGC), construction is a major contributor to the U.S. economy. The industry comprises more than 680,000 employers with over seven million associates and creates nearly 1.3 trillion U.S. dollars’ worth of new buildings each year. At the same time, the construction market, to date, still heavily relies on manual processes and has yet to benefit from digitization to unlock its full profitability potential. Versatile Natures’ solution is already being deployed on construction sites across the United States – including sites in San Francisco, New York, Miami, Seattle, San Jose, Fort Lauderdale, and Hawaii – underlining the industry’s appreciation for the opportunities presented by the company.

World Class team and investors

The company’s management team consists of entrepreneurs and industry experts with deep experience in manufacturing and software solutions, including careers at tech giants Intel and HP. RBVC is joined by Conductive Ventures, Root Ventures and construction technology experts Leigh Jasper and Rob Phillpot in this financing round. Versatile Natures is an alumnus of URBAN-X, the MINI-backed accelerator for startups reimagining city life and is a winner of MassChallenge Israel.

About RBVC GmbH

Robert Bosch Venture Capital GmbH (RBVC) is the corporate venture capital company of the Bosch Group, a leading global supplier of technology and services. RBVC invests worldwide in innovative start-up companies at all stages of their development. Its investment activities focus on technology companies working in areas of business of current and future relevance for Bosch, above all, automation and electrification, energy efficiency, enabling technologies, and healthcare systems. RBVC also invests in services and business models as well as new materials that are relevant to the above-mentioned areas of business.

Additional information is available at www.rbvc.com

About Versatile Natures

Versatile Natures is a company working to transform and optimize processes, using machine learning and state-of-the-art AI in non-intrusive manner. The company increases safety and productivity in fields where technological advancement has yet to help improve workflows, workdays, and workers’ lives.

Versatile Natures’ first platform, CraneView™, transforms construction sites across the globe into a smarter, safer work environment. Versatile Natures's patent-pending AI and IoT platform delivers actionable insights to construction professionals. The company’s state-of-the-art machine-learning and AI guides, alerts, and helps construction managers drive faster decision making for a better workflow, workday, and worklife for those on the site.

For more information, visit: https://www.versatile.ai.

The Bosch Group is a leading global supplier of technology and services. It employs roughly 400,000 associates worldwide (as of December 31, 2019). The company generated sales of 77.7 billion euros in 2019. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. As a leading IoT provider, Bosch offers innovative solutions for smart homes, Industry 4.0, and connected mobility. Bosch is pursuing a vision of mobility that is sustainable, safe, and exciting. It uses its expertise in sensor technology, software, and services, as well as its own IoT cloud, to offer its customers connected, cross-domain solutions from a single source. The Bosch Group’s strategic objective is to facilitate connected living with products and solutions that either contain artificial intelligence (AI) or have been developed or manufactured with its help. Bosch improves quality of life worldwide with products and services that are innovative and spark enthusiasm. In short, Bosch creates technology that is “Invented for life.” The Bosch Group comprises Robert Bosch GmbH and its roughly 440 subsidiary and regional companies in 60 countries. Including sales and service partners, Bosch’s global manufacturing, engineering, and sales network covers nearly every country in the world. The basis for the company’s future growth is its innovative strength. Bosch employs some 72,600 associates in research and development at 126 locations across the globe, as well as roughly 30,000 software engineers.

Additional information is available online at www.bosch.com, www.iot.bosch.com, www.bosch-press.com, www.twitter.com/BoschPresse.

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