Veev

Veev raised $647M to build homes using factory-manufactured steel-framed panels—promising to cut construction time by 50% and costs by 20%. The company built a massive factory and secured residential contracts in California. But construction costs spiraled, timelines slipped, and the company struggled to achieve the promised efficiency gains. Housing market headwinds in 2022-2023 (rising rates, falling demand) compressed margins further. Veev abruptly shut down in late 2023, leaving unfinished projects and contractors unpaid. The lesson: construction tech startups consistently underestimate the gap between factory efficiency and real-world construction complexity.