Buildots Secures $15M from Intel Capital

Buildots, an AI-driven construction technology company, has announced a $15 million investment led by Intel Capital, with participation from OG Tech Partners and previous investors. This funding round brings Buildots’ total financing to $121 million.

Buildots is a company that uses artificial intelligence and computer vision to help manage construction projects more efficiently by tracking the progress of construction work in real-time. This technology helps construction teams see exactly what has been done and what still needs to be completed.

Given the complexity, cost, and productivity challenges of large-scale industrial and commercial construction projects, even minor errors can lead to schedule delays and budget discrepancies. By using cameras and advanced data analysis, Buildots can identify potential problems early, reduce delays, with the potential to cut construction delays by up to 50%. Buildots collaborates with major construction firms globally to optimize project management, enhance efficiency, and ensure timely completion of large-scale developments.

The new round of funding will support Buildots in developing technology enhancements for its core construction management platform and will be used to launch an AI-driven Delay Forecast feature. Earlier rounds for Buildots include a $30 million Series A, led by TLV Partners and Lightspeed Venture Partners, in May 2020; and a $60 million Series B, led by Insight Partners and Future Energy Ventures, in August 2021.

Buildots was founded in 2018 by Aviv Leibovici, Yakir Sudry, and Roy Danon, and today has more than 200 employees with a headquarters in Tel Aviv, Israel.

“Intel Capital has recognized that the construction industry, a fundamental pillar of the global economy, has not yet fully benefited from the digital age,” said Roy Danon, co-founder and CEO of Buildots. “Over the past five years, Buildots has been at the forefront of integrating AI-powered progress tracking and advanced analytics software into this multi-trillion-dollar industry, driving a transformative shift towards performance-driven construction management. 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.”

The construction technology industry is expected to see significant advancements in AI applications, particularly in predictive analytics and automation. These technologies are projected to enhance efficiency, reduce costs, and improve project management. The industry faces challenges such as labor shortages and the need for sustainable practices, but the adoption of AI and digital tools is anticipated to drive growth and innovation. According to McKinsey, global investment in construction technology grew to $50 billion between 2020 and 2023, indicating a strong upward trend.

“As we invest in a resilient global supply chain for semiconductors, Intel undertakes some of the largest and most complex construction projects in the world. That first-hand experience is why we see so much potential for AI technology to revolutionize construction process management and drive new efficiencies,” said Lisa Cohen, an investment director at Intel Capital. “Buildots’ visionary outlook and ability to apply AI-powered predictive analytics to increase construction efficiencies will enable a more productive future for the global construction market.” With the closing of this financing round, Ms. Cohen will join the board of directors of Buildots as an observer.

Intel Capital, the venture capital arm of Intel Corporation, makes equity investments in technology startups and companies offering hardware, software, and services targeting AI, autonomous technology, data centers, cloud, 5G, next-generation compute, and semiconductor manufacturing.

In February 2022, Intel Capital closed a new investment fund, the Intel Foundry Services Innovation Fund, with $1 billion of capital to invest in early-stage startups and established companies building disruptive technologies for the foundry ecosystem – the network of companies, technologies, and services that support semiconductor manufacturing including firms that aid in the construction of new integrated circuit foundries.

Santa Clara, California-headquartered Intel Capital was founded in 1991 and has invested over $12.5 billion in more than 1,550 companies across 57 countries.