JERUSALEM, July 11 (Reuters) – Buildots, an Israeli construction technology startup, announced on Thursday that it has secured a $15 million investment round led by Intel Capital. The funding will support the company’s continued growth and expansion.
OG Tech Partners and existing investors also participated in this funding round, bringing Buildots’ total financing to $121 million. Buildots utilizes artificial intelligence (AI) software to help the construction industry overcome inefficiencies and minimize errors that could lead to project delays and cost overruns.
The company states that its AI-driven solutions can reduce project delays by up to 50% while simultaneously lowering costs. According to Buildots CEO Roy Danon, the company’s AI-powered progress tracking and advanced analytics software is designed to integrate into the multi-trillion-dollar construction sector, which, as he put it, “has not yet fully benefited from the digital age.”
Intel Capital is the venture capital and investment arm of chipmaker Intel (INTC.O). Lisa Cohen, an investment director at Intel Capital, said in a statement that Intel, involved in some of the largest and most complex construction projects worldwide, is turning to AI to “revolutionize construction process management and drive new efficiencies.”
