{"id":24542,"date":"2024-01-23T16:21:33","date_gmt":"2024-01-24T00:21:33","guid":{"rendered":"https:\/\/essential.construction\/news\/buildots-announces-30-million-series-b-and-reaches-12-countries-with-their-ai-tech\/"},"modified":"2024-01-23T16:21:37","modified_gmt":"2024-01-24T00:21:37","slug":"buildots-announces-30-million-series-b-and-reaches-12-countries-with-their-ai-tech","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/buildots-announces-30-million-series-b-and-reaches-12-countries-with-their-ai-tech\/","title":{"rendered":"Buildots Announces $30 million Series B and Reaches 12 Countries with Their AI Tech"},"content":{"rendered":"

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Buildots, the AI construction tech company, today announced a $30 million Series B round led by Lightspeed Ventures with the participation of Buildots\u2019 previous investors; TLV Partners, Future Energy Ventures, and Tidhar Construction Group. Buildots will use the new funds to double the size of their global team with a focus on its Sales and R&D departments.<\/p>\n

\u201cWhen it comes to digital transformation, construction has been a sleeping giant and Covid-19 served as an accelerator for the industry,\u201d said Roy Danon<\/strong>, co-founder and CEO of Buildots<\/a>. \u201cWe are now working with construction companies in over a dozen countries and what we\u2019re seeing is that the challenges Buildots is addressing are ubiquitous around the world. A global expansion at the rate we\u2019ve 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.\u201d<\/p>\n

In 2018, Buildots was founded to provide construction companies with an end-to-end solution that allows project managers full control of every activity on the construction site. Buildots\u2019 AI algorithms automatically validate images captured by hardhat-mounted 360\u00b0 cameras, detecting any gaps between the original design, scheduling, and the reality on the construction site. The easy-to-set-up platform acts as a mobile control room for project managers, allowing them to make decisions that dramatically speed up construction and ultimately reduce costs.<\/p>\n

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Buildots has recently announced that their technology is being used to reduce costs and enhance output on a slew of major construction projects being led by top building companies around the world. These include Build Group in California & Washington state, MBN in Germany, and further announcements expected in the coming months.<\/p>\n

\u201cConstruction is a massive market with real GDP impact but it is still underserved by technology. We believe Buildots is the company that will change that reality,\u201d said Tal Morgenstern<\/strong>, Partner at Lightspeed Venture Partners. \u201cThey have created a truly unique technology, productized in a way that generates measurable ROI while still being simple enough for end-users to navigate seamlessly. The rapid adoption Buildots has seen to date is driven exclusively by word of mouth. Following that success, this financing round will support an aggressive growth plan going forward\u201d.<\/p>\n

Source: Buildots, August 4, 2021<\/em>; The title picture features Buildots\u2019 founders<\/em><\/p>\n

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