HOVER Secures $25 Million in Funding From Standard Industries, Home Depot
The investment is the latest milestone in GAF’s long-standing partnership with the 3D Property Modeling Platform.
SAN FRANCISCO — HOVER, the platform that generates accurate, interactive 3D models of any property, announced that the company has secured $25 million in Series B funding. The round was led by GV (formerly Google Ventures), and includes participation from The Home Depot and Standard Industries, the largest roofing and waterproofing manufacturer in the world, and parent company of GAF.
HOVER is revolutionizing how home improvement projects are estimated and sold. Thousands of exterior contractors use HOVER to save time and money on every project, gain credibility with their customers, and close more business. For homeowners, HOVER’s simple interface and in-depth design features allow them to comprehensively visualize what their exterior remodeling project will look like. HOVER’s insurance industry customers use the up-to-date measurements to reduce claim adjusting costs, decrease cycle times, and improve the overall customer experience.
“Americans spent well over $300 billion on home remodeling last year, yet when it comes to the most important and fundamental part of the process –– getting estimates to make an informed decision –– homeowners are still subjected to the same process their grandparents went through: relying on measuring tape, handshakes, eye-balled estimations, and a whole lot of patience,” says A.J. Altman, HOVER’s founder and CEO. “We’re excited to continue to work alongside these amazing strategic partners to bring more transparency and efficiency to this industry.”
Tyson Clark, General Partner at GV, added: “Many people are familiar with computer vision and deep learning only as abstract technical concepts. What’s great about HOVER’s platform is that they’re taking this technology and applying it in a practical, useful way to people’s lives. We’re excited to see HOVER’s platform scale rapidly as it revolutionizes a previously unexplored market.”
In addition to GV leading the round, Standard Industries and The Home Depot join the round as investors and strategic partners. For the past two years, HOVER has worked with Standard Industries through GAF, its North American roofing and waterproofing business.
“Standard Industries is committed to adding value to its customers with new and innovative solutions aimed at transforming the roofing industry,” said Kathy Reiland, head of M&A for Standard Industries. “HOVER’s platform has become the most used solution by GAF-certified contractors, a testament to the added value that the technology brings to the roofing industry.”