Artificial intelligence (AI) construction tech company, Buildots, have announced a $30 million Series B round led by Lightspeed Ventures. This funding round was also participated by Buildots previous investors TLV Partners, Future Energy Ventures and Tidhar Construction Group.
With a focus on sales as well as research and development, Buildots will use this funding to double the size of its global team.
Buildots is a Tel Aviv and London-based start-up leveraging the power of AI and Computer Vision to modernise the construction management industry. Using hardhat-mounted cameras that capture every detail of the construction site, Buildots technology analyses the data captured to create highly accurate, actionable insights that are correlated with the project's designs and schedule.
Major construction projects in the UK, US, Switzerland, Germany, and Hong Kong are among the countries where you can find Buildots AI digital twin technology utilised to close the construction inefficiency gap.
Accelerating the digitalisation of the construction industry
According to the European Commission, construction productivity has only increased by 1% in the past two decades. Pairing this with the fact operational profitability is often only 5% there is little room for error.
"When it comes to digital transformation, construction has been a sleeping giant and COVID-19 served as an accelerator for the industry,'' said Roy Danon, Co-founder and CEO of Buildots.
"We are now working with construction companies in over a dozen countries and what we're seeing is that the challenges Buildots is addressing are ubiquitous around the world,” he continued.
Recognising the need for an end-to-end solution that allows project managers full control of every activity on the construction site, Buildots was founded with the aim to make this possible.
Buildots unique AI technology improving productivity in construction
The company’s AI algorithm automatically validate images captured by hardhat-mounted 360 cameras. These cameras detect any gaps between the original design, scheduling and the reality on the construction site.
Tal Morgenstern, Partner at Lightspeed Venture Partners discussed the innovative AI platform Buildots have developed, he believes Buildots will change the way the construction market will utilise technology in a way to improve productivity.
He said Buildots has "created a truly unique technology, productized in a way that generates measurable ROI while still being simple enough for end-users to navigate seamlessly. The rapid adoption Buildots has seen to date is driven exclusively by word of mouth. Following that success, this financing round will support an aggressive growth plan going forward".
Acting as a mobile control room for project managers, Buildots easy-to-set-up platform speeds up construction and ultimately reduces cost. It solves this problem highlighted by the European Commission concerning productivity and profitability in the construction sector.
Buildots have also recently announced its technology is being used to reduce costs and enhance output on a slew of major construction projects being led by top building companies around the world