Intel Capital Invests in $15M Venture Round for AI-Powered Buildots
Technology tamfitronics
Buildots’ AI/machine learning tools analyze and identify potential construction problems based on 360-degree imaging captured onsite. Photo courtesy Buildots
Buildots, an artificial intelligence and machine learning construction software firmwhose tools document construction progress and can help predict scheduling problemshas 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 OfficerAviv LeiboviciBuildots 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.”
ENR Associate Technology, Equipment and Products Editor Jeff Yoders has been writing about design and construction innovations for 20 years. He is a five-time Jesse H. Neal award winner and multiple ASBPE winner for his tech coverage. Jeff previously wrote about construction technology for Structural Engineer, CE News and Building Design + Construction. He also wrote about materials prices, construction procurement and estimation for MetalMiner.com. He lives in Chicago, the birthplace of the skyscraper, where the pace of innovation never leaves him without a story to chase.
