Buildots receives $30M investment to develop AI solutions for construction
By Andy BrownAugust 11, 2021
Artificial Intelligence company Buildots has announced that it has received $30 million of investment that it will use to double the size of its global team, with a focus on its sales and R&D departments.
Founded in 2018, Buildots uses its own AI algorithms to automatically validate images captured by hardhat-mounted 360-degree cameras, which detect any gaps among the original design, scheduling and the reality on the construction site.
According to the company, construction is in need of innovation: Over the past two decades, industry productivity has remained stagnant, only increasing by 1%.
Buildots said the platform acts as a mobile control room for project managers and allows them to make decisions that dramatically speed up construction and reduce costs.
“When it comes to digital transformation, construction has been a sleeping giant, and Covid-19 served as an accelerator for the industry,” said Roy Danon, co-founder and CEO of Buildots.
“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 technology is being used by major construction companies around the world, including Build Group in California and Washington state and MBN in Germany.