Buildots, an AI-based construction software company, announced a $15 million investment led by Intel Capital with participation from OG Tech Partners and previous investors. In connection with the funding, Lisa Cohen, Investment Director at Intel Capital, will join as a board observer.
Innovation in the construction sector is essential for overcoming traditional inefficiencies and enhancing performance measurement strategies. And given the complexity, cost, and productivity challenges inherent in large-scale industrial and commercial construction projects and even minor errors can lead to schedule delays and budget discrepancies. Embracing innovative digital technologies could help address these challenges, fostering more efficient and effective construction management.
Buildots transforms the reality of construction with a performance-driven approach that measures individual tasks, drastically increasing overall efficiency and reducing costs, while reducing delays by up to 50%. And by utilizing objective site data, as opposed to subjective self-reporting, Buildots’ technology automates the precise status of every task on a construction project, providing accurate progress tracking and performance metrics that can be used to anticipate and mitigate risks before they escalate.
This funding round brings the company’s total financing to $121 million as Buildots continues developing technology enhancements for its core construction management platform and fuels its growth.
This funding is one of the many milestones Buildots has accomplished this year including the launch of its AI-driven Delay Forecast feature. And Buildots is partnering with major construction companies and owners worldwide, enhancing project completion speed through improved collaboration, transparency, and accountability in the project management process.
KEY QUOTES:
“Intel Capital has recognized that the construction industry, a fundamental pillar of the global economy, has not yet fully benefited from the digital age. 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.”
– Roy Danon, co-founder and CEO of Buildots
“As we invest in a resilient global supply chain for semiconductors, Intel undertakes some of the largest and most complex construction projects in the world. That first-hand experience is why we see so much potential for AI technology to revolutionize construction process management and drive new efficiencies. Buildots’ visionary outlook and ability to apply AI-powered predictive analytics to increase construction efficiencies will enable a more productive future for the global construction market.”
– Lisa Cohen, Investment Director at Intel Capital
