Buildots, an Israeli startup using cameras to provide a 360-degree construction management tool, has secured $30 million in Series B funding. The round was led by Lightspeed Venture Partners, with participation from existing investors: Future Energy Partners, TLV Partners, Tidhar, and angel investors -- including Avigdor Willenz and Ziv Aviram.
Growth in spite of COVID
Buildots has developed a system that provides construction site directors with a complete overview of their projects by analyzing images from 360-degree cameras mounted on the project managers’ helmets during a tour of the site. Based almost entirely on the cameras’ images, the system includes visual documentation, fault identification, monitoring of schedules, and advance notice of expected delays.
Bildots builds a virtual control room for a construction site, to which performance data flows from all areas of the project. The data is then segmented according to work areas, occupations, schedules and more, which allows site managers to identify anomalies at an early stage and react accordingly. The available data also supports project decision-making, processes that often took place on the basis of outdated and inaccurate information. The system integrates to existing systems on the market, such as design environments, scheduling management and other software.
The Buildots system operates completely automatically, drastically reducing the cause for human error (you know, the ones who make mistakes). Any notice of possible delays to the construction site managers will come solely from the analysis of the photographs by the company's artificial intelligence system.
"When it comes to digital transformation, construction has been a sleeping giant and Covid-19 served as an accelerator for the industry,'' said Roy Danon, co-founder and CEO of Buildots. "We are now working with construction companies in over a dozen countries and what we're seeing is that the challenges Buildots is addressing are ubiquitous around the world. A global expansion at the rate we've 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."
Danon also added that despite the ongoing pandemic, the company experienced growth, and was able to expand the adoption of its AI system by major construction companies from 12 different countries. “You have to understand, this sector is super traditional where usually deals are sealed with a handshake. Now, without offering them real value to their business, our rapid expansion would have been impossible,” he added.
Buildots was founded by Roy Danon, Yakir Sudry, and Aviv Leibovici. The company currently holds offices in Tel Aviv and London. Buildots has raised $46 million to date, marking a year since its Series A round. The capital will help Buildots significantly enhance talent recruitment for the R&D division and global sales team.