Buildots Raises $60M To Expand Its Construction Tech Platform
Israeli construction tech startup Buildots, which uses AI and computer vision to modernize construction management, announced on Tuesday it has raised $60 million in a Series C funding round.
The round was led by Viola Growth and Eyal Ofer’s O.G. Tech along with existing investors TLV Partners, Lightspeed Venture Partners, Future Energy Ventures, and Maor Investments.
The round was secured less than a year after the company’s series B funding round.
Buildots will use the new funds, to expand its solution to support more workflows within construction teams.
Founded in 2018, Buildots provides construction companies with a solution that allows project managers full control of every activity on the construction site. Buildots’ AI algorithms automatically validate images captured by hardhat-mounted 360° cameras, detecting any gaps between the original design, scheduling, and the reality on the construction site. The platform is easy to set up and acts as a mobile control room for project managers, allowing them to make decisions that dramatically speed up construction and ultimately reduce costs.
Buildots will expand its product offerings beyond operational management to also support commercial and planning teams.
“This funding round is fueling an essential expansion to our product offering, which in the process moves us closer to our vision of connected construction,” said Roy Danon, co-founder and CEO of Buildots. “Facilitating better decision-making for construction teams is a key step in moving the entire industry towards greater collaboration and efficiency.”
Buildots’ solution now enables the entire construction team to make informed decisions based on accurate information. On a greater scale, it also strengthens firms’ confidence in embracing digitization and adopting AI early on.
“Traditional markets like construction are increasing their embrace of digital transformation,” said Natalie Refuah, General Partner at Viola Growth, who will also be joining Buildots’ Board of Directors. “With top-notch technology and a superb team, Buildots offers immense potential in terms of efficiency and profitability. We are excited for their continued success capitalizing on this market.”
According to Ziv Kop, Managing Partner at O.G. Tech Partners. “Buildots is the centerpiece of a unified construction ecosystem, and its data-centric solution has the potential to become a fixture in every construction project.”