Buildots Raises $60 Million, Expanding AI Solution to Provide Real-Time Knowledge Across the Entire Construction Process
17 May, 2022, 16:00 IDT
The company's expanded solution connects more construction stakeholders to on-site activities, removing friction-ridden bottlenecks in scheduling and payments
TEL AVIV, Israel and LONDON, May 17, 2022 /PRNewswire/ -- Buildots, which uses AI and computer vision to modernize construction management, today announced a $60 million Series C round mutually led by Viola Growth and Eyal Ofer's O.G. Tech along with existing investors TLV Partners, Lightspeed Venture Partners, Future Energy Ventures and Maor Investments. Buildots will use the new funds, secured less than a year after the company's series B raise, to expand its solution to support more workflows within construction teams.
Buildots provides a single source of truth for construction site activities. By collecting data with hardhat-mounted 360° cameras and processing this data with AI, its solution enables construction teams to keep building on schedule and flag mistakes in real time. Having facilitated better and faster construction for residential and commercial projects with major firms like Build Group, Wates and NCC, the company is currently enjoying tremendous growth and is making an impact across North America, Europe and the Middle East.
Now, Buildots is expanding its product offerings beyond operational management to also support commercial and planning teams. For scheduling, two-way integrations with planning platforms Oracle Primavera P6, Asta Powerproject and Microsoft Project allow instant timeline updates, saving hundreds of hours and enabling decision-makers to plan projects accurately. For commercial roles, Buildots now provides accurate monthly progress reports that validate subcontractor payment applications within seconds, improving transparency and increasing collaboration in the industry.
"This funding round is fueling an essential expansion to our product offering, which in the process moves us closer to our vision of connected construction," said Roy Danon, co-founder and CEO of Buildots. "Facilitating better decision-making for construction teams is a key step in moving the entire industry towards greater collaboration and efficiency."
Buildots' solution now enables the entire construction team to make informed decisions based on accurate information. On a greater scale, it also strengthens firms' confidence in embracing digitization and adopting AI early on.
"Traditional markets like construction are increasing their embrace of digital transformation," said Natalie Refuah, General Partner at Viola Growth, who will also be joining Buildots' Board of Directors. "With top-notch technology and a superb team, Buildots offers immense potential in terms of efficiency and profitability. We are excited for their continued success capitalizing on this market."
"We are excited to join the Buildots journey," said Ziv Kop, Managing Partner at O.G. Tech Partners. "Buildots is the centerpiece of a unified construction ecosystem, and its data-centric solution has the potential to become a fixture in every construction project."
Buildots is a Tel Aviv and London-based startup leveraging the power of AI and computer vision to modernize the construction management industry. Buildots uses hardhat-mounted cameras to capture imaging of every detail of an ongoing project during regular site walks. The data is then analyzed using AI models to transform random visual data into highly accurate, actionable insights that are correlated with the project's designs and schedule.
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