Veev, established in 2008 and headquartered in Hayward, California, is a construction technology company specializing in prefabricated building systems. The company has developed a proprietary construction platform that integrates digital manufacturing with sustainable materials, aiming to enhance efficiency and reduce environmental impact in home construction.
Key Strategic Focus
Veev's strategic focus centers on revolutionizing the homebuilding process through its panelized construction system. This approach involves off-site manufacturing of wall systems that incorporate mechanical, electrical, plumbing (MEP), and fire safety systems. By integrating these elements, Veev aims to minimize labor requirements, shorten construction timelines, and reduce material waste.
Financials and Funding
Over its operational period, Veev secured significant funding to support its innovative construction methods. In 2020, the company raised $75 million from LenX, the venture arm of Lennar. This was followed by a $400 million Series D funding round in 2022, which valued the company at over $1 billion.
Technological Platform and Innovation
Veev's construction system utilizes cold-formed steel framing and acrylic finishes, fabricated through digital design and Computer Numerical Control (CNC) processes. The company holds patents for prefabricated wall assemblies with embedded MEP systems, including a multi-head fire sprinkler system designed to serve multiple rooms via a single conduit. This innovative approach reportedly reduces embodied carbon by 50% and construction waste by 89% compared to traditional homebuilding methods.
Leadership Team
- Amit Haller: Co-Founder and CEO of Veev. Previously served as Co-Founder and Executive Chairman of Reali.
- Ami Avrahami: Co-Founder and Chief Product Officer. Formerly Co-Founder and CPO of Reali.
- Dafna Akiva: Co-Founder and Chief Revenue Officer. Previously Corporate Secretary at Reali.
- Ari Rauch: Chief Operations Officer. Formerly General Manager of AI Training Large Scale Platform at Intel.
- Linda Keala: Chief People Officer. Previously Chief Human Resources Officer at PlanGrid.
Leadership Changes
In 2023, Lennar acquired Veev's assets and began integrating its platform within its own operations.
Competitor Profile
Veev operates in the prefabricated construction industry, which has been experiencing growth due to increasing demand for efficient and sustainable building solutions. Key competitors include:
- Dvele: Founded in 2016 and headquartered in La Jolla, California, Dvele focuses on prefabricated homes and competes in the real estate development and operations sector.
- Boxabl: Established in 2017 in Las Vegas, Nevada, Boxabl specializes in modular housing solutions and operates within the real estate and construction industry.
- Baya Build: Founded in 2017 and based in New York, New York, Baya Build competes in the real estate development and operations sector, focusing on prefabricated construction.
Strategic Collaborations and Partnerships
In 2020, Veev secured a $75 million investment from LenX, the venture arm of Lennar, one of the largest homebuilders in the United States. This partnership aimed to leverage Veev's innovative construction technologies to enhance Lennar's building processes.
Operational Insights
Veev's panelized construction system offers distinct advantages over traditional building methods, including reduced construction time, lower labor costs, and minimized material waste. These efficiencies position Veev competitively within the prefabricated construction market.
Strategic Opportunities and Future Directions
Following the acquisition of Veev's assets by Lennar in 2023, the integration of Veev's technologies into Lennar's operations presents opportunities for scaling innovative construction methods across a broader market. This collaboration aims to address the growing demand for efficient and sustainable housing solutions.
Contact Information
- Website: veev.com
- Headquarters: Hayward, California, USA
