Israeli startup Buildots today announced that it has raised $12.5 million in a Series A financing round, in order to help construction companies track progress on building sites using artificial intelligence (AI) and computer imaging. This brings to $16 million the amount raised by the company including several hundred thousand dollars as a grant from the Israel Innovation Authority.
The round was led by TLV Partners with the participation of Innogy Ventures, Tidhar Construction Group, Ziv Aviram, co-founder of Mobileye and OrCam, Magma Ventures head Zvika Limon, serial entrepreneurs Benny Schnaider and Avigdor Willenz, and Tidhar chairman Gil Geva.
Buildots was founded in 2018 by three graduates of the IDF's Talpiot unit CEO Roy Danon, Aviv Leibovici, and Yakir Sundry. They served together in the intelligence unit for nearly 10 years before setting up the company. Buildots has 35 employees in its Tel Aviv office and is currently setting up an office in London. The company says its customers include large construction firms in Europe and Israel but does not reveal any names.
Danon said, "We have seen a tenfold increase in the number of construction companies contacting us since March due to the challenges they have been facing during the crisis and the need to reduce workforces on sites to the minimum."
Buildot's system provides managers with a full picture of the project as it progresses on the site including visual documentation, automatic detection of flaws, tracking timetables and warning about delays. Through image process technology and AI, which captures what is happening on the building site and continually compares it with the building plans and timetables, the system identifies irregularities in the contractor's plans, the overall building plan, budgets and deadlines.
Buildots aim is to streamline supervision of the construction procedures on the site, make the work more efficient and increase productivity in the construction sector, which is plagued by projects overrunning their budget and deadlines. To achieve this, Buildots puts cameras on the hardhats of managers to capture imaging of every detail of an ongoing project during regular site walks. This reduces the need for managers to be on site while enhancing their ability to supervise a project.
Gil Geva said, "Buildots has been able to solve a challenge that for many seemed unconquerable, delivering huge potential for changing the way we complete our projects. The combination of an ambitious vision, great team and strong execution abilities quickly led us from being a customer to joining as an investor to take part in their journey."
Published by Globes, Israel business news - en.globes.co.il - on July 30, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020