Buildots secures $15 million in funding for AI-driven construction management platform
Buildots secures $15 million in funding for AI-driven construction management platform
The Israeli startup’s platform provides a performance-driven approach that measures individual tasks, increasing overall efficiency, and lessening costs, while reducing delays by up to 50%.
Buildots, which develops AI-driven software for the construction industry, announced on Thursday the completion of a $15 million investment round led by Intel Capital with participation from O.G. Venture Partners and previous investors. In conjunction with the financing, Lisa Cohen, Investment Director at Intel Capital, will join as a board observer.
This funding brings the company’s total financing to $121 million as Buildots continues developing technology enhancements for its core construction management platform.
Buildots’ platform provides a performance-driven approach that measures individual tasks, increasing overall efficiency, and lessening costs, while reducing delays by up to 50%. By utilizing objective site data, as opposed to subjective self-reporting, Buildots’ technology automates the precise status of every task on a construction project, offering accurate progress tracking and performance metrics that can be used to anticipate and mitigate risks before they escalate.
The company currently employs over 200 employees, of whom about 150 are in the company's offices in Tel Aviv, with the remainder in London and other locations in Europe and North America.
"Intel Capital has recognized that the construction industry, a fundamental pillar of the global economy, has not yet fully benefited from the digital age," said Roy Danon, co-founder and CEO of Buildots. "Over the past five years, Buildots has been at the forefront of integrating AI-powered progress tracking and advanced analytics software into this multi-trillion dollar industry, driving a transformative shift towards performance-driven construction management. We are proud to work with Intel Capital to propel large-scale construction into a more efficient and controlled future, taking out the guesswork and providing decision-makers with comprehensive and precise oversight."
