Property data platform Hover has brought its total funding to $147mn with the close of a $60mn round led by Travelers, State Farm Ventures and Nationwide.
The round also included participation from long-time investor Standard Industries, as well as Menlo Ventures, GV, Alsop Louie Partners and Guidewire Software.
The capital will be used to enhance the company’s 3D data platform and expand its e-commerce efforts.
San Francisco-based Hover – which was established in 2011 – is a technology company that provides a data platform for home improvement and property insurance professionals. It uses computer vision and machine learning to structure property data.
“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 AJ Altman, founder and CEO of Hover.
The company’s mobile app allows home improvement and insurance professionals to measure, design and estimate projects in one place. It helps insurance carriers reduce property claim cycle times by leveraging up-to-date photos and detailed property measurements to create accurate claim estimates.
Hover also enables policyholders to capture the photos themselves, which allows for desk adjusting and enables a virtual claims process.