3D home visualization startup looks to future of property data

3D home visualization startup looks to future of property data

Business news |
Home visualization technology company Hover, which provides an end-to-end data platform for home improvement and property insurance, has announced a $60 million Series D financing led by top insurance carriers Travelers, State Farm Ventures, and Nationwide.
By Rich Pell

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The company uses computer vision and machine learning to structure property data, enabling seamless work flows from appraisal and estimation to interactive 3D design and materials ordering. Insurance professionals and contractors use its app, says the company, to drive efficiency and transparency in their work flows and provide a superior experience for homeowners.

“Today’s investment is evidence that our new and existing investors believe we will continue the transformation of the insurance and home improvement industries,” says A.J. Altman, founder and CEO of HOVER. “As we deepen our relationships with top insurance carriers and expand our product offerings, we will remain focused on delivering value for our partners and customers, and continue improving the experience for the homeowner.”

The company’s mobile app allows home improvement and insurance professionals to measure, design, and estimate projects in one place, using smartphone photos that transform into photo-realistic, accurately measured, and fully-interactive 3D models of any home. Whether insuring, repairing, or improving a home, says the company, it provides homeowners and professionals the detailed information needed to produce accurate estimates or appraisals, and a 3D model that professionals can use to explore project details and design options with homeowners.

For insurance professionals, says the company, its technology helps carriers reduce property claim cycle times and improves policyholder satisfaction by leveraging up-to-date photos and detailed property measurements to create accurate claim estimates. Additionally, it enables policyholders to capture the photos themselves, which unlocks desk adjusting and enables a virtual claims experience. The company’s data set, including Total Living Area, helps the underwriters by determining replacement costs, quoting, and binding policies.

For contractors, the company’s property data now powers every step of the contractor’s workflow within a single, seamless platform, from generating estimates and sending proposals to placing material orders directly with distributors. Thousands of exterior contractors use HOVER to save time and money on every project, establish instant credibility, and close more business. They use the HOVER platform, says the company, to show homeowners what their dream home could look like and improve sales efficiency.

For homeowners, the company offers more transparency and an easier way to work with their exterior home improvement contractors and insurance carriers. With just a few photos from a smartphone, homeowners can generate detailed information that contractors and insurance carriers need to provide accurate estimates and appraisals. With the company’s 3D models, homeowners can envision their project with actual materials, allowing for improved communication and understanding, and leading to a better overall experience.

Founded in 2011, HOVER has raised $147 million in funding to date. The latest financing 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. The company says the capital will be used to enhance its 3D data platform and expand its e-commerce efforts.

Hover

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