HOVER, a proptech company that uses smartphone photos to create digital twins with 3D data, today announced expanding its services to include blueprint uploads, according to a press release.
The company says that as a result contractors on new construction jobs will be able to utilize its entire measurement and takeoff solution, which provides 3D models and exterior measurements, through blueprint designs. It noted this mean it now supports both improvement of existing structures and new construction projects.
“HOVER’s mission is to help people improve their homes with the world’s best 3D property data, and today’s launch makes that mission even more accessible. Supporting contractors in streamlining their workflows is at the core of what we do,” stated A.J. Altman, HOVER founder and CEO, in the release.
“Now, with a faster, easier, more affordable path to prepare takeoffs for new construction bids, contractors can simplify their bidding process and stand out from the competition with inspiring, visual representations of the finished product,” Altman said.
HOVER says that through this new construction solution, blueprints are transformed into full 3D models with comprehensive measurements for property exteriors, and contractors are able to utilize data for takeoff, proposal and ordering features.
It also says that by turning a two-dimension, black and white drawing into a 3D digital twin, the platform can “demonstrate real colors and materials on an unbuilt home, inspiring property owners and helping contractors stand out from their competition.”
Founded in 2011, this expansion into new construction comes quite some time since HOVER’s most recent fundraising, a $60 million Series D led by a group of insurers (Nationwide Mutual Insurance, State Farm Ventures, Travelers Insurance) in November 2020 which raised the company’s total funding since founding to $127.3 million.
Service expansion contrasts homebuilder pull-back
While HOVER has continued to provide insurance services since that funding, it looks like this time public demand for new construction, rather than investment from a particular industry, is leading the company to expand its service verticals.
On the other hand, recent data shows that despite public desire for new construction (in order to combat recently record-high home prices), sales of new single-family homes are actually down and as a result, homebuilders are beginning to pull back on new construction.
HOVER also noted in the release that its technology eliminates the “historically arduous process” of manually scaling measurements from drawings, which it says can take up to a week. The company says this solution is more efficient and cost effective, and enables more contractors to include project visuals in their proposals.
Even if homebuilders continue to slow construction (in order to keep home supply within a certain range and protect their business model), it doesn’t seem like HOVER is worried. Whether or not this new offering actually pushes forward development at a notable level, at the very least it should give HOVER a way to diversify its customer base and revenue streams moving forward.
In other recent proptech news, NewPoint partnered with Morgan Properties to launch a new affordable housing platform. Peek also announced its new Chief Technology Officer, following a recent $2.5 million seed round.