Buildots uses AI algorithms to detect any incongruences between the original design and what is taking place on the construction site
Spotted: The construction tech company Buildots, which employs AI computer vision technology to detect and address construction inefficiencies, has raised $30 million (about €25.5 million) in Series B funding.
Last year the brand raised $16 million (about €13.6 million), and in only three years from its founding, it already has headquarters in Tel Aviv and London. Buildots say that construction accounts for 13 per cent of the world’s GDP, but has grown only 1 per cent in the past two decades, making it less productive compared to other industries.
Buildots take images with 360-degree cameras which are analysed with AI algorithms to automatically validate images. This immediately detects any incongruences between the original design, scheduling and what is taking place on the construction site, according to TechCrunch. This allows project managers to make better, swifter decisions to decrease the time of construction.
Moreover, the system also creates a unified environment and increases trust by having a single source for everyone to recur to know what’s going on: “ There is no more blaming or cutting corners because the system validates that and also makes construction a healthier industry to work in,” says Roy Danon, co-founder and CEO of Buildots.
The round was led by Lightspeed Venture Partners, with contributions from previous investors TLV Partners, Future Energy Ventures, Tidhar Construction Group and Maor Investments.
Buildots already collaborates with four out of 10 top European construction companies and is being utilised on projects in the U.S., U.K., Germany, Switzerland, Scandinavia and China. With the new funding, the brand will continue expanding, aiming to double the size of its employees within the departments of sales, marketing and research and development.
Written By: Katrina Lane