What is HOVER?
HOVER is a transformative PropTech enterprise that specializes in converting smartphone imagery into highly accurate, interactive 3D models of residential properties. By automating the measurement process, the platform provides homeowners, contractors, and insurance adjusters with a single source of truth for property data. This capability significantly reduces project timelines, minimizes human error in manual measurements, and enhances transparency throughout the renovation and claims adjustment lifecycles. The company's market position is fortified by its ability to integrate seamlessly into existing workflows for major insurance carriers and building material manufacturers, effectively digitizing the traditionally analog construction industry.
How much funding has HOVER raised?
HOVER has raised a total of $119.2M across 5 funding rounds:
Series A
$4M
Debt
$5.2M
Series B
$25M
Series C
$25M
Series D
$60M
Series A (2013): $4M, investors not publicly disclosed
Debt (2013): $5.2M led by Almaz Capital
Series B (2018): $25M supported by GV, Home Depot, and Standard Industries
Series C (2019): $25M featuring GV, Standard Industries, and Menlo Ventures
Series D (2020): $60M backed by Menlo Ventures, Alsop Louie Partners, Guidewire Software, Travelers Insurance Company, Standard Industries, State Farm Ventures, and Nationwide Ventures
Key Investors in HOVER
Menlo Ventures
Menlo Ventures is a Menlo Park-based venture capital firm that raises dedicated funds and invests in early and growth-stage technology companies across sectors such as enterprise software, consumer internet, fintech, infrastructure, and frontier tech, typically taking board roles and partnering with founders through multiple stages of scale.
Standard Industries
Founded in 1886, Standard Industries is a global building materials manufacturing and supply company. Their products include a variety of roofing, waterproofing, insulation, and aggregate, as well as solar solutions and real estate and investment solutions.
GV
GV is a venture capital firm founded in 2001 that invests across multiple stages and sectors. The company focuses on enterprise solutions, life sciences, consumer products, and frontier technology innovations.
What's next for HOVER?
With the recent influx of capital, HOVER is poised to accelerate its product roadmap, focusing on deeper integration with enterprise-grade insurance platforms and expanding its suite of automated property intelligence tools. The strategic alignment with major industry players suggests a focus on market penetration and the standardization of its 3D modeling technology as a prerequisite for property-related transactions. As the company matures, the emphasis will likely shift toward enhancing its predictive analytics capabilities, allowing stakeholders to not only visualize properties but also forecast maintenance needs and material requirements with unprecedented precision. This strategic trajectory ensures that HOVER remains at the forefront of the digital transformation within the real estate and construction sectors.
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