Buildots, an Israeli construction technology startup, announced on Thursday that it has secured a $15 million investment led by Intel Capital. OG Tech Partners and other existing investors also participated in this funding round, bringing Buildots’ total financing to $121 million.
Buildots specializes in using artificial intelligence (AI) software designed to address inefficiencies and potential errors within the construction sector. These problems can often result in project delays and budget overruns. The company claims its technology reduces costs while potentially cutting delays by up to 50%.
Roy Danon, the CEO of Buildots, emphasized how the company integrates its AI-powered progress tracking and advanced analytics into a construction sector that, despite its vast multi-trillion-dollar size, “has not yet fully benefited from the digital age.”
Intel Capital, the venture capital and investment division of chipmaker Intel (INTC), views this technology as crucial. Lisa Cohen, Investment Director at Intel Capital, stated that Intel, with its involvement in some of the most substantial and complex construction projects worldwide, is looking to AI “to revolutionize construction process management and drive new efficiencies.”
