(Image source: HOVER homepage.)
HOVER, a San Francisco-based startup that has created a mobile app to record 3D images for use by home improvement and property insurance professionals, has secured $60 million in a Series D financing round led by Travelers (Hartford), State Farm Ventures (Bloomington, Ill.), and Nationwide (Columbus, Ohio). Other investors include longtime HOVER investor Standard Industries, Guidewire Software, Menlo Ventures, GV, and Alsop Louie Partners.
HOVER uses computer vision and machine learning to structure property data, enabling what the company describes as seamless workflows from appraisal and estimation to interactive 3D design and materials ordering. The company reports that insurance professionals and contractors use the HOVER app to drive efficiency and transparency in their workflows and provide a superior customer experience for homeowners. HOVER describes its mobile app as driving efficiency and transparency by allowing 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.
HOVER says the capital will be used to enhance its 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 asserts that it 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,” comments A.J. Altman, founder and CEO, 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.”
‘Tremendous Opportunity’ in the Insurance Industry
“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,” says Nick Seminara, EVP, Chief Claims Officer, 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.”
HOVER provides homeowners and professionals in insurance or home repair 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, according to the startup. HOVER says it helps insurance carriers reduce property claim cycle times and improves policyholder satisfaction through up-to-date photos and detailed property measurements to create accurate claim estimates. The platform also enables policyholders to capture the photos themselves, which supports desk adjusting and enables a virtual claims experience. HOVER says that its data set, including Total Living Area, helps underwriters by determining replacement costs, quoting, and binding policies.
“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,” adds HOVER’s Altman.