Buildots, an Israel- and UK-based startup that streamlines construction progress tracking using artificial intelligence (AI), has raised $60m (£48.3m) to expand its US business.
Viola Growth and O.G. Tech led the Series C, which brings the startup’s total equity funding to more than $100m (£80.5m).
Buildots’ software uses cameras mounted on hardhats to gather data, then uses AI to unlock insights from this data – such as errors or parts of the site that don’t correspond with the BIM model.
Buildots co-founder, Roy Danon, says the fresh capital will be put toward product development and expanding the Buildots team, particularly in North America, where it looks to triple its headcount.
Danon also emphasises that, as usage of their software grows, so does the power of the AI.
“Having operated in numerous and diverse regions, including North America, Europe, Asia-Pacific, and the Middle East, we have collected varied datasets that allow us to create extremely robust AI models,” he said.
“For example, when a solution looks at hundreds of millions of sockets, it gets really good at recognising issues and flagging mistakes.”
Buildots is a subscription service, with a monthly rate adjusted to the size and complexity of a project. The company, founded in 2018, is not yet profitable, but it expects to quadruple its revenue this year compared to last.
Natalie Refuah, Viola Growth general partner, added: “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 capitalising on this market.”
The round also saw participation from TLV Partners, Lightspeed Venture Partners, Future Energy Ventures, and Maor Investments.
Image: Buildots co-founders Aviv Leibovici (right), Yakir Sudry and Roy Danon. credit: Eyal Tuag
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