Buildots, an artificial intelligence and machine learning construction software firm whose tools document construction progress and can help predict scheduling problems, has announced a $15-million investment round, led by Intel Capital with participation from OG Venture Partners and previous investors. In conjunction with the financing, Lisa Cohen, investment director at Intel Capital, will join Buildots as a board observer.
“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,” said Roy Danon, co-founder and CEO of Buildots in a statement.
Intel Capital is the division of Intel Corp. that manages its venture capital, global investment and mergers and acquisitions.
“Buildots AI technology is already in use on large-scale projects across the globe, offering unparalleled visibility into project progress, enabling project managers to make better-informed decisions, optimize resource allocation and proactively mitigate risks,” said Cohen. “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 using objective site data, as opposed to subjective self-reporting.
Founded in 2018 by Danon, Chief Technology Officer Yakir Sudry and Chief Product Officer Aviv Leibovici, Buildots added a plan tracker to its offerings last year. Its original tech offering is able to analyze 360° images captured on construction sites to identify issues regarding constructability or scheduling conflicts before they happen. Intel’s Cohen said that while she could not speak to the semiconductor manufacturing giant’s capital investments in facilities such as chip fabs and other massive projects, Buildots’ details-oriented approach would seem to align well with such efforts.
“I can say that Intel Capital is excited to be investing in Buildots,” Cohen said, adding that the chip maker’s “first-hand experience building some of the largest and most complex construction projects in the world has certainly played a role in leading us to appreciate the tremendous potential of AI technology in general and of Buildots, specifically, in terms of revolutionizing construction process management and driving efficiency to new levels.”