HOVER, a company that has developed a platform that is able to turn smartphone photos of homes into interactive 3D models, announced it has raised $25 million in Series C funding. Including this funding round, HOVER has raised $87 million. This round of funding was led by Menlo Ventures with participation from previous investors including GV (formerly Google Ventures) and Standard Industries. In conjunction with this funding round, Menlo Ventures partner Matt Murphy is joining the board of directors.
Through the HOVER platform, it is enabling e-commerce for large home improvement projects as homeowners and contractors can instantly receive exact measurements, design their homes with different products and colors, and purchase materials with the app. Another advantage that homeowners gain is that they are able to view brands that are typically known only to contractors through the HOVER app.
“HOVER gives homeowners the information needed to maximize the value of their largest economic asset,” said HOVER founder and CEO A.J. Altman in a statement. “In a world where you can buy and sell your home online, you should also have the ability to plan and complete renovation projects from the palm of your hand. With HOVER, we are transforming homeownership by dramatically improving a notoriously frustrating process.”
HOVER uses computer vision and deep learning to convert smartphone photos into accurate and interactive 3D property models. With this technology, HOVER is disrupting the $200+ billion global exterior renovation industry. And HOVER is partnered with industry-leading partners on its platform like The Home Depot, GAF (world’s largest roofing manufacturer), and Beacon (major building materials distributor).
There are thousands of users representing tens of thousands of home improvement companies that use HOVER. And the company also has partnerships with five out of the top 10 U.S. carriers in the insurance industry who use the platform to reduce claim adjusting costs, decrease cycle times, and improve the overall customer experience.
“HOVER has become the defacto standard for how professionals sell and homeowners buy even the most sophisticated home improvement projects,” added Murphy. “HOVER is leveraging the best and brightest in computer vision to reinvent a massive market and is creating a 3D system of record for home data that will benefit homeowners, contractors, home products companies, and insurers.”
In the past eight months, HOVER has doubled its staff and the company is planning to continue to grow aggressively through the end of the year.