Veev to Join Cali. Tech Graveyard! To Shut Operations Owing to Fund Shortage
“To reimagine the home, We reinvented the wall.” This line sums up the vision of VEEV, which once was valued at $1B after an extensive round of funding. The company is now closing its operations with only a few homes built.
The company which claims to “reimagine the home experience from the ground up” is based in Hayward, California with an R&D team based in Israel.
Veev intended to revolutionize home construction by emphasizing modular walls. Veev was supposed to deliver each wall panel to construction sites pre-installed with insulation, plumbing, and the company’s digital home system. The company’s website goes on to say that after that, building homes wouldn’t require much on-site labor because the walls could easily lock into place.
According to Bay Area startup’s spokesperson, Drew Chapman, the company could not raise money “due to the macroeconomic environment.” He further stated that the company would take up an assignment for the benefit of the creditors’ process. This process is similar to bankruptcy proceedings aimed at liquidating the company’s assets.
The company’s website presently features listed buildings in Palo Alto and San Carlos, along with “coming soon” projects in Union City and San Leandro. Two standalone, side-by-side homes have already been constructed, along with a townhouse and a condominium building.
In October 2020, California Governor Gavin Newsom held a press conference in front of the company’s most well-known project—housing constructed for the homeless in San Jose. Veev had worked with Habitat for Humanity to build the 78 bedrooms in the development.
