SANTA
CLARA, Calif., July 11,
2024 /PRNewswire/ -- Today, Buildots, an
award-winning AI construction software company, announced a
$15M investment led by Intel Capital
with participation from OG Tech Partners and previous investors. In
conjunction with the financing, Lisa
Cohen, Investment Director at Intel Capital, will join as a
board observer.
Innovation in the construction industry is essential for
overcoming traditional inefficiencies and enhancing performance
measurement strategies. Given the complexity, cost, and
productivity challenges inherent in large-scale industrial and
commercial construction projects, even minor errors can lead to
schedule delays and budget discrepancies. Embracing new, innovative
digital technologies can help address these challenges, fostering
more efficient and effective construction management.
"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."
Buildots is transforming the reality of construction with a
performance-driven approach that measures individual tasks,
dramatically 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.
"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," said Lisa Cohen,
Investment Director at Intel Capital. "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."
This funding 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 financing is one of the many milestones Buildots has
accomplished this year including the launch of its AI-driven Delay
Forecast feature. 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.
About Buildots
Buildots is a global construction technology leader
bringing the power of AI and computer vision to automate on-site
progress tracking. The platform provides construction teams with
accurate data and previously unavailable predictive performance
metrics, empowering them to make data-driven decisions. Buildots'
platform improves project visibility and efficiency, leading to
reduced delays, enhanced error detection, and successful delivery
of projects. Buildots is helping increase efficiencies of
large-scale construction projects across North America, the UK and EMEA.
Photo: https://mma.prnewswire.com/media/2458278/Buildots.jpg
Media Contact:
buildots@concrete.media
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SOURCE Buildots