Those 3D images are not ordinary 3D pictures: they are dynamically encoded with information about materials, sizes and dimensions and other data critical to carrying out any work. In essence, it allowed anyone with an ordinary smartphone camera to snap several pictures of a space (up to eight), which could then be used to piece together a “structured” 3D image to better assess a job.
Hover tech software#
Its unique contribution to the market was a piece of software that bypassed a lot of the fragmented and hardest work involved in doing home repair by tying the whole process to the functions of a smartphone: its camera, phone sensors and the use of apps. Hover was founded in 2011 and first made its name with homeowners and the sole-trader and small business contractors working on their homes repairing roofs and fixing other parts of their structures. This year, it’s expecting to hit “north of $70 million” in its annual run rate, with insurance companies and other big business partners accounting for the majority of its growth. Altman, Hover’s founder and CEO, tells me that in 2016 the startup was making some $1 million in revenues. Today’s funding, that valuation jump and the interest from insurance firms comes on the heels of huge growth for the company. This funding takes the total raised by Hover to just over $142 million, and for some context on its valuation, it’s a significant jump compared to its last round, a Series C in 2019, when Hover was valued at $280 million (according to PitchBook data). Past financial backers Menlo Ventures, GV (formerly Google Ventures) and Alsop Louie Partners, as well as new backer Guidewire Software, were also in this round. Travelers, State Farm Ventures and Nationwide - led the round, with building materials giant Standard Industries, and other unnamed building tech firms, also participating. Three of the biggest insurance companies in the U.S. The Series D values the company at $490 million post-money, and significantly, it included a number of strategic investors.
Hover tech Patch#
Hover - which has built a platform that uses eight basic smartphone photos to patch together a 3D image of your home that can then be used by contractors, insurance companies and others to assess a repair, price out the job and then order the parts to do the work - has raised $60 million in new funding. property market has proven to be more resilient than you might have assumed it would be in the midst of a coronavirus pandemic, and today a startup that’s built a computer vision tool to help owners assess and fix those properties more easily is announcing a significant round of funding as it sees a surge of growth in usage.
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