The veteran startup Veev, has become a new unicorn, after a $ 400 million round of funding. The founder explains that until now the startup has remained under the radar because “we did not feel the need for advertising, certainly not in Israel.”
Photo: Veev
What does the term “smart home” mean to you? A linked bulb controlled by a voice assistant? Maybe shutters that open in the morning and close at night? A front door that opens with the smartphone instead of with a physical key? The Israeli Veev is developing a truly smart home – one that is able to detect a leak before it becomes damaged and adapt to changes. On the way there, she also claims to be able to dramatically streamline the construction process of buildings, and thinks she is capable of resolving the housing crisis.
Today (Tuesday) Veev announces a $ 400 million over-raising D led by the Bond Fund and featuring Fifth Wall Climate Tech, Zeev Ventures, Lenx and JLL Spark Global Ventures. The company reports that its market value has crossed the $ 1 billion line – which puts it in the Israeli unicorn club that has become less and less exclusive in the past year.
The startup you may not have heard of, but he wants to make a revolution
A house built by the startup. Photo: Veev
There is a good chance that the name Veev does not mean much to you, after all, the startup has not been in the title for many years, and its field of activity is not the sexiest for the most part. But the startup was founded in 2008 and currently employs 350 people, about 100 of them in the company’s research and development center. In conversation with Giktiim Ami Avrahami, co-founder and CPO of the company, explains why she preferred to operate under the radar: “Veev has focused on the American market for many years and has grown organically. We spent a lot of time developing new technologies and since we were very well known in the area where we worked, including the organic connection created to Lanar and other funds. We did not feel the need for advertising, certainly not in Israel. In recent years, we have made a complete change to a technology company, met the need for a massive recruitment of employees and of course we went out to recruit in a Tase Up that required us to get on the radar properly for companies of our size. ” Recall that Tase Up is a stock exchange platform that allows institutional and qualified investors to invest in startups, and companies to recruit these investors without becoming public.
Avrahami explains that the company has developed a platform that allows it to design and manufacture everything needed for the construction of houses and buildings with the help of algorithms and automation in the factory. In addition, the company’s platform also includes a kind of home operating system that makes it really smart. The house is constantly monitored and can be managed and maintained remotely. “I will accept this to the automotive world – just as a warning light comes on in the vehicle before there is a fault in the vehicle (for example, there is no engine oil), so with us, there are sensors in the walls, which are connected to our smart home – VeevOS. “Once the sensors detect that there is a leak, for example, immediately the tenant and our backend system receive an alert about the leak and its exact location, the system also knows how to turn off the tap, and prevent damage.”
Photo: Veev
Veev basically takes on all the roles in the construction of new real estate: from the planning stage, to production in the factory to assembly in the field. Avrahami is not even willing to call the workers on the “Workers” website (Shout out to the regular respondent of construction workers, where did you go?), But “Assembly Workers.” This is in light of the fact that after production in the factory, the company can assemble the property in a very short time. ‘Inside the walls is the plumbing, electrical, systems and smart home system. As a result, the field has minimal manpower and leverage, which connect the walls to each other, and through the Plug & Play system all systems are activated immediately. Since the production is in the factory, using machines, the design must be of the highest precision (up to the screw level). In the design phase we use algorithms and automation, to streamline the design and reduce manpower. In addition, since our construction is not traditional construction, we develop and invent the building blocks. “
He claims the company has completed an 78-unit emergency housing project in San Jose, California in just 90 days. The company reports that its projects are built 4 times faster than traditional construction, and the materials chosen for construction emit 47% less greenhouse gases than traditional construction materials – and the company aims to reduce this emission by another 25% this year.
And that too was built into their system. Photo: Veev
And what about Israel? Here too you can use your product to speed up the construction process?
Avrahami: “The American market is a very large market, only in the state of California is it about building tens of thousands of units. Demand for housing in the United States is very high, and we have no reason, at least for now, to expand to other countries outside the United States. Construction in a completely new area, requires an operation accordingly and the establishment of a factory, close to the project. Also, for it to be profitable and worthwhile for us, we need construction on a large scale…. We will be very happy to come to Israel as soon as the relevant opportunity comes. We are a company of Israeli entrepreneurs, with a significant development center here, and we were very pleased to share its unique product with the Israeli market. “
Veev was founded in 2008 by entrepreneurs Amit Heller and Omri Avrahami. Heller, founded IXI Mobile, which he issued on NASDAQ, and Butterfly, which was sold to Texas Instruments; And Avrahami founded Metacafe, among others.
A good old age
Born with a joystick in hand. He has far too many gadgets and far too little free time to play with them all. An unexplained hammer holder for calibrating device batteries. When he’s not busy writing about technology, he likes to talk about it, and a lot
