JERUSALEM (Reuters) – Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to help it grow.
OG Tech Partners and previous investors also participated in the funding round that brings Buildots’ total financing raised to $121 million.
Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies.
The company said it lessens costs while reducing delays by up to 50%.
Roy Danon, Buildots’ CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that “has not yet fully benefited from the digital age”.
Intel Capital is the venture capital and investment arm of chipmaker Intel.
Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to “revolutionize construction process management and drive new efficiencies”.
(Reporting by Steven Scheer; Editing by Mark Potter)