Buildots, AI-Driven Construction Technology Leader, Secures $15M Intel Capital-Led Investment to Fuel Strategic Growth
Santa Clara, CA, July 11, 2024 - 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.
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