Israeli AI construction tech company Buildots today announced the completion of a $30 million Series B financing round led by Lightspeed Ventures, with the participation of previous investors TLV Partners, Future Energy Ventures, and Tidhar Construction Group. These latest funds, which will be used to double the size of its workforce, with a focus on the sales and R&D departments, brings to $46 million the amount raised by the company.
Buildots was founded in 2018 by three graduates of the IDF's Talpiot unit CEO Roy Danon, CPO Aviv Leibovici, and CTO Yakir Sundry. The company provides construction companies with an end-to-end solution that allows project managers full control of every activity on the construction site. Buildots' AI algorithms automatically validate images captured by hardhat-mounted 360° cameras, detecting any gaps between the original design, scheduling and the reality on the construction site. The platform acts as a mobile control room for project managers, allowing them to make decisions that dramatically speed up construction and ultimately reduce costs.
Danon 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."
Published by Globes, Israel business news - en.globes.co.il - on August 4, 2021
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