Israeli construction technology startup Buildots has secured $15 million in funding, led by Intel Capital. The investment, which also included participation from OG Tech Partners and previous investors, brings Buildots’ total funding to $121 million. Buildots leverages artificial intelligence (AI) to tackle inefficiencies and errors in the construction sector, aiming to prevent delays and budget discrepancies. The company claims its technology can reduce costs and shorten construction schedules by up to 50%.
Roy Danon, CEO of Buildots, highlighted the company’s focus on bringing AI-powered progress tracking and advanced analytics to the multitrillion-dollar construction industry, which has traditionally been slow to embrace digital technologies. Lisa Cohen, investment director at Intel Capital, expressed their belief in AI’s transformative potential for construction process management and efficiency. With Intel engaged in some of the world’s largest and most complex construction projects, this investment reflects their commitment to driving innovation in the industry.
This investment underscores the growing interest in utilizing AI to address challenges in the construction sector. As technology continues to advance, AI is expected to play an increasingly significant role in improving efficiency, accuracy, and cost-effectiveness in the construction industry.