Connecting the Dots in Construction…Intel Capital Invests in Buildots
Innovation in the construction industry is critical as traditional construction project management processes suffer from systemic inefficiencies, reactive performance measurement strategies, and disconnected inconclusive data. In construction, even minor errors can result in significant schedule delays and budget discrepancies. Construction management requires new, innovative digital technologies to address the growing challenges of complexity, cost, and productivity inherent in large-scale industrial and commercial construction projects.
Intel Capital invests in startups shaping the future of compute across the four key areas of the tech ecosystem; Cloud, Devices, Frontier and Silicon. We are excited to announce our investment in Buildots, a company that is helping advance the construction industry with its new approach to construction design, project management and execution.
Buildots’ AI-based automated construction progress tracking software is transforming construction management. Its performance-driven approach measures individual tasks and dramatically increases overall efficiency while reducing delays and costs. By utilizing objective real-life site data, as opposed to subjective self-reported data, Buildots’ technology automatically captures and reports the precise status of every task on a construction project. The result is accurate progress tracking and performance metrics that can be used to anticipate and mitigate construction mistakes before they escalate.
Buildots aims to create a single source of truth on construction sites by gathering data from off-the-shelf 360-degree cameras affixed to workers' helmets. Buildots then utilizes AI technology to automate a comprehensive dashboard that showcases real-time project progress while comparing it to the planned building information modeling (BIM) format. This dashboard provides finance teams, project managers, and owners with invaluable insights into the project status and advancement.
Intel Capital looks forward to supporting Buildots as it accelerates the implementation of its cutting-edge technology at construction sites worldwide. Our investment in Buildots exemplifies our commitment to redefining the future of construction projects through AI, leveraging the concept of digital twin, a detailed 3D mockup generated with computer vision for buildings. The Buildots team has demonstrated not only technical prowess but also a deep understanding of market dynamics and customer motivations. Their commitment to creating value for general contractors and facility owners has been evident throughout our engagement, deepening Intel Capital's confidence in its investment in the company. We eagerly await the unfolding impact of this investment in the years to come.
