SAN FRANCISCO, Nov. 17, 2020 /PRNewswire/ -- HOVER,
a technology company that provides an end-to-end data platform for
home improvement and property insurance professionals, today
announced a $60 million Series D
financing 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.
HOVER secures a $60M Series D round
to build the future of property data and transform the homeowner
experience.
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.
"Today's investment is evidence that our new and existing
investors believe we will continue the transformation of the
insurance and home improvement industries," said A.J. Altman,
founder and CEO of HOVER. "I'm incredibly proud of the team's work
to grow and scale our business while maintaining a strong
commitment to our customers and each other. 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."
"It's important to us that we provide our customers with the
best possible experience, and HOVER's technology helps us to do
that by creating a simpler, faster and more transparent claims
process," said Nick Seminara,
executive vice president and chief claims officer of Travelers. "We
see a tremendous opportunity for HOVER in the insurance industry,
and we're pleased to continue our partnership and invest in their
future."
How it Works
HOVER drives efficiency and transparency with a mobile app that
allows home improvement and insurance professionals to measure,
design, and estimate projects in one place; smartphone photos
transform into photo-realistic, accurately measured, and
fully-interactive 3D models of any home.
Whether insuring, repairing, or improving a home, HOVER 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
HOVER helps insurance 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, HOVER enables policyholders to capture the
photos themselves, which unlocks desk adjusting and enables a
virtual claims experience. HOVER's data set including Total Living
Area helps the underwriters by determining replacement costs,
quoting, and binding policies.
For Contractors
HOVER 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
to show homeowners what their dream home could look like and
improve sales efficiency.
For Homeowners
HOVER provides homeowners 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 trusted contractors and
insurance carriers need to provide accurate estimates and
appraisals. With HOVER's 3D models, homeowners can envision their
project with actual materials, allowing for improved communication
and understanding, and leading to a better overall experience.
"HOVER has proven to be an incredible platform for our home
improvement business," said Greg
Swartz, CFO of DaBella. "Since incorporating the technology
into our services, we've seen a tremendous increase in
profitability and close rates. We also save time on ordering
materials, which allows time to be spent elsewhere; what used to
take us 30 minutes now takes a matter of seconds with HOVER."
Altman added, "The immediate priority will be to continue
scaling our world-class team while we maintain strong momentum in
the market and double-down on nurturing our special company
culture."
Founded in 2011, HOVER has raised $147
million in funding to-date.
To see HOVER's open job listings, please visit:
https://hover.to/jobs/.
About HOVER
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/.
Press Contact:
Kira
Cooper
HOVER@thekeypr.com
(415) 299-1145
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