Proptech startup Hover, which has created technology that uses smartphone photos to build digital twins of properties, is expanding its capabilities to include blueprint uploads.
The company said contractors on new constructions will be able to make use of its entire solution, which generates 3D models and exterior measurements, using blueprints of designs. In other words, it now supports both existing homes (through smartphone photos) and new constructions.
Hover explained that its solution transforms blueprints into a complete 3D model of a new home or building, complete with comprehensive measurements for the property's exteriors. Contractors can use the 3D models for takeoff, proposals and ordering features.
Hover founder and Chief Executive A.J. Altman said the company's mission is to help people improve their homes using 3D property data. Today's launch, he said, makes the company's mission even more accessible.
"Supporting contractors in streamlining their workflows is at the core of what we do," he added. “Now, with a faster, easier, more affordable path to prepare takeoffs for new construction bids, contractors can simplify their bidding process and stand out from the competition with inspiring, visual representations of the finished product."
The company said that by transforming a 2D, black and white drawing into a 3D digital twin, it's able to demonstrate various colors and materials on an unbuilt home. In that way it can inspire both homeowners and designers, it said. It also eliminates the traditionally "arduous process" of manually scaling up measurements from drawings, which is something that can take days for architects to do.
The launch into new constructions follows a $60 million Series D funding round in November 2020, which brought Hover's total amount raised to more than $127.3 million.
What's interesting is that Hover has decided to expand into the new build market now, at a time when public demand for new homes is apparently on the wane. Sales of new homes are in decline amid high prices and rising inflation that has increased mortgage rates. As a result, home builders are said to be scaling back their construction plans.