Venture Capital News: HOVER Inks $60M Series D
SAN FRANCISCO, CA, HOVER, a technology company that provides an end-to-end data platform for home improvement and property insurance professionals, has announced a $60 million Series D financing.
The round was led by top insurance carriers Travelers (NYSE: TRV), State Farm Ventures, and Nationwide. HOVER uses computer vision and machine learning to structure property data, enabling seamless workflows from appraisal and estimation to interactive 3D design and materials ordering. Insurance professionals and contractors use HOVER's app to drive efficiency and transparency in their workflows and provide a superior experience for homeowners.
The round also included participation from long-time investor, Standard Industries, as well as other leading firms in building and technology: Menlo Ventures, GV, Alsop Louie Partners and Guidewire Software, Inc. (NYSE: GWRE). The capital will be used to enhance the company's 3D data platform and expand its e-commerce efforts. With the launch of a frictionless buying experience and recent partnerships with SRS Distribution and Beacon Roofing Supply, HOVER is gaining a strong and growing foothold in the $50 billion exterior building materials market.
HOVER is developing the most accurate and usable data set of physical property available to deliver a simpler and more transparent home improvement experience. Used by contractors, insurance adjusters, and homeowners alike, HOVER drives efficiencies with a mobile app that measures, designs, and estimates cost all in one place; smartphone photos transform into beautifully-rendered, fully-measured 3D models of any home. For more information, visit https://hover.to/.
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