AI construction company Buildots announces $30m in funding

Buildots have announced a $30 million Series B funding as its AI digital twin technology for construction reaches 12 countries to improve inefficiencies

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

Share

Featured Articles

IBM and Tech Mahindra Seek to Power Up Gen AI Adoption

Both tech giants are partnering to harness the power of IBM's watsonx to help enterprises accelerate Gen AI adoption and offer new governance capabilities

NASA's First Chief AI Officer Shows AI's Value Cross Sector

NASA's appointing of inaugural CAIO David Salvagnini marks a significant stride towards AI integration across various sectors

OpenAI: A Look at the AI Trailblazer’s Leadership Landscape

We take a look at the heads leading the world's most famous AI startup following the news Co-founder and Chief Scientist Ilya Sutskever's will depart

Who Are Microsoft's LLM Contemporaries?

Machine Learning

Beyond the Hype: Unlocking Real Business Value With Gen AI

AI Strategy

OpenAI Poised to Announce Google Search Competitor

AI Applications