A technology company for the construction industry based on artificial intelligence (AI), Buildots, announced that it raised $30 million in a Series B round led by Lightspeed Ventures with participation from TLV Partners, Future Energy Ventures, and Tidhar Construction Group. With the new funds, Buildots will increase the size of their global sales team and expand their R&D division.
Roy Danon, co-founder, and CEO of Buildots said, “When it comes to digital transformation, construction has been a sleeping giant and Covid-19 served as an accelerator for the industry. We are now working with construction companies in over a dozen countries and what we’re seeing is that the challenges Buildots is addressing are ubiquitous around the world. A global expansion at the rate we’ve experienced would have ordinarily been impossible in an industry like construction that has its roots in handshake deals and in-person relationships without the new covid reality of remote meetings and even deal signings.”
Buildots is a construction company specializing in providing end-to-end solutions that give project managers complete control over every aspect of their projects. Using AI algorithms, Buildots detects any gap between the original design and the reality on the construction site, based on images captured by hardhat-mounted 360° cameras. This easy-to-use tool allows project managers to use their mobile devices as a mobile control room, which drastically speeds up construction and lowers costs.
The Participants in the Funding round quoted –
Tal Morgenstern, Partner at Lightspeed Venture Partners, said, “Construction is a massive market with real GDP impact but it is still underserved by technology. We believe Buildots is the company that will change that reality. They have created a truly unique technology, productized in a way that generates measurable ROI while still being simple enough for end-users to navigate seamlessly. The rapid adoption Buildots has seen to date is driven exclusively by word of mouth. Following that success, this financing round will support an aggressive growth plan going forward”.
Shahar Tzafrir, the Managing Partner at TLV Partners, said, “Buildots took on a mission that seemed impossible; to change the construction industry with artificial intelligence. The construction industry is known for its low-profit margins and unfortunate delays. Buildots is changing that. Buildots’ success is demonstrated through its rapid growth with the world’s largest and most sophisticated construction companies. Their clients have achieved a significant increase in their profit margins and a dramatic decrease in project delays. We believe that every construction company who needs to remain competitive will choose to use Buildots.”
A recent announcement by Buildots disclosed that their technology is being used to increase productivity and reduce the costs of a number of major construction projects. In addition to those announced, there are further announcements expected in the coming months, including Build Group in California & Washington state, MBN in Germany, Gammon in Hong Kong, Wates in the UK, and more.