Hosta.ai Doubles Down on Remote Assessment and Measurement With New Funding Round

Proptech company Hosta.ai recently announced an $11.5 million fundraising round. The money will go to further bringing the combination of computer vision and AI-powered analysis to remote measurement and materials estimating for insurance, mortgage lending, and home improvement.

Unlike many proptech firms that focus on such areas as marketplaces, underwriting, and investments, Hosta.ai claims its systems can remotely assess spaces from as little as one photo.

“My cofounder [CEO Rachelle Villalon] started off as an architect,” COO Henriette Fleischmann tells GlobeSt.com. “She was completely puzzled by how little support and tools there were to assess spaces. So, she thought there must be a better solution.”

Villalon holds a master’s in architecture from MIT and returned for her doctorate in design and computation. That’s where she met Fleischmann, who was obtaining an MBA.

“We do pretty broadly well across the residential spaces in the interior,” Fleischmann says. “You have such high variability on the interior spaces. We’re able to capture that variable in measurements and materials.”

Computer vision, machine learning, and math can generate measurements, create elevations, and itemize needed materials from photos without experts having to go on-site.

A remodeling use case would be to understand the necessary number of cabinets, their size, and requirements for materials like tile and countertops. The software doesn’t currently calculate likely material wastage from having to cut standard sized materials but having an initial list could speed the process for estimation and planning.

“Insurance use case is of water damage,” Fleischmann says. “Instead of an adjuster coming to measure and see the area of damage, someone could take pictures of the damage.” The software could “give the adjustor enough information to estimate the damage.”

A logical extension is for mortgage lenders that want to document a building, potential problems, and expected remedial costs.

Fleischmann says that insurance and remodeling companies are already using the system in their work.

The system doesn’t require specialty hardware. Photos can come from a smartphone.

“Carriers and adjusters can focus on their core competencies,” says Fleischmann. “Now all you need to do is have your customer take a couple of pictures and you have all the information you need for an estimate, design proposal, or quote.” 

In theory, by automating the process through computer vision, there could also be fewer mistakes, lowering costs even more.