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Buildots, a tech startup based in Chicago, has secured $45 million in new funding to help expand its platform that tracks the progress of construction projects.
The investment was led by Qumra Capital, with other backers including OG Venture Partners, TLV Partners, Poalim Equity, Future Energy Ventures, and Viola Growth.
According to a report by TechCrunch on May 29, this latest round brings the company’s total funding to $166 million.
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Founded in 2018 by Roy Danon, Aviv Leibovici, and Yakir Sudry, Buildots uses artificial intelligence (AI) and computer vision to give construction managers a clearer view of what is happening on-site.
The system uses 360-degree cameras worn on hard hats to collect images as managers walk through projects. These images are then turned into a visual model that shows what has been completed and what still needs to be done.
The platform also features a chatbot that allows users to ask questions about the project’s progress. There is also a forecasting tool that flags possible delays or slowdowns early.
According to Danon, Buildots’ CEO, the platform makes it easier for construction managers and company executives to understand what is happening on-site, without relying on reports that may be delayed or incomplete. He said their clients include Intel and about 50 other companies in the construction industry.
Buildots plans to use the new funds to grow its product so that it can monitor more stages of a project.
On May 19, Nvidia CEO Jensen Huang announced two major updates for the company during the Computex trade show in Taiwan. What were they? Read the full story.
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