{"id":25615,"date":"2021-08-06T11:34:14","date_gmt":"2021-08-06T11:34:14","guid":{"rendered":"https:\/\/rbsitsoftwaresolution.com\/blog\/buildots-raises-30m-to-put-eyes-on-construction-sites.html"},"modified":"2021-08-06T11:34:14","modified_gmt":"2021-08-06T11:34:14","slug":"buildots-raises-30m-to-put-eyes-on-construction-sites","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/buildots-raises-30m-to-put-eyes-on-construction-sites.html","title":{"rendered":"Buildots raises $30M to put eyes on construction sites"},"content":{"rendered":"

One year after raising $16 million<\/a>, construction technology company Buildots<\/a> is back to claim another $30 million, this time in Series B funding.<\/p>\n

Lightspeed Venture Partners led the round, with participation from previous investors TLV Partners, Future Energy Ventures, Tidhar Construction Group and Maor Investments. This gives the company $46 million in total funding, Roy Danon, co-founder and CEO of Buildots, told TechCrunch.<\/p>\n

The three-year-old company, with headquarters in Tel Aviv and London, is leveraging artificial intelligence computer vision technology to address construction inefficiencies. Danon said though construction accounts for 13% of the world\u2019s GDP<\/a> and employs hundreds of millions of people, construction productivity continues to lag, only growing 1% in the past two decades<\/a>.<\/p>\n

Danon spent six months on construction sites talking to workers to understand what was happening and learned that control was one of the areas where efficiency was breaking down. While construction processes would seem similar to manufacturing processes, building to the design or specs didn\u2019t happen often due to different rules and reliance on numerous entities to get their jobs done first, he said.<\/p>\n

Buildots\u2019 technology is addressing this gap using AI algorithms to automatically validate images captured by hardhat-mounted 360-degree cameras, detecting immediately any gaps between the original design, scheduling and what is actually happening on the construction site. Project managers can then make better decisions to speed up construction.<\/p>\n

\u201cIt even finds events where contractors are installing out of place and streamline payments so that information is transparent and clear,\u201d Danon said. \u201cBuildots also creates a collaborative environment and trust by having a single source telling everyone what is going on. There is no more blaming or cutting corners because the system validates that and also makes construction a healthier industry to work in.\u201d<\/p>\n

Buildots went after new funding once it was able to show product market fit and was expanding into other countries. The platform is being utilized on major building projects in countries like the U.S., U.K., Germany, Switzerland, Scandinavia and China. To meet demand, Buildots will use the new funding to continue that expansion; double the size of its global team with a focus on sales, marketing and RD; and grow on the business side. Danon\u2019s aim is \u201cto get to the point where we are the standard for every construction site.\u201d The company is also looking at areas outside construction where its technology would be applicable.<\/p>\n

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Buildots raises $16M to bring computer vision to construction management<\/a><\/p>\n<\/blockquote>\n

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Tal Morgenstern, partner at Lightspeed Venture Partners, said he keeps an eye on graduates of the Israel Defense Forces, where the three Buildots founders came from. However, in the case of this company, Lightspeed actually passed on both the seed and Series A.<\/p>\n

Morgenstern admits the decision was a mistake, but at the time, he thought the technology Buildots was trying to build \u201cfirst, impossible and second, I knew construction was difficult to sell into.\u201d He felt that Buildots, with such a premium product, would have a challenge selling to a low-margin industry that was late to adopt technology in general.<\/p>\n

By the time the Series B came round, he said Buildots had solved both of those issues, proving that it works, but also that customers were adopting the technology without much sales and marketing. In addition, other solutions in construction tech were still relying on lasers or people to manually input or tap photos.<\/p>\n

\u201cBuildots is seamlessly capturing images and providing a level of insights that is so high, and that is why the company is able to command the price structure they have and are receiving interesting commercial results,\u201d Morgenstern said.<\/p>\n

Walking around today\u2019s construction site, Danon said the adoption of technology is enabling Buildots to move quickly to build processes for the industry.<\/p>\n

As such, the company saw more than 50% growth quarter over quarter over the past year in three of the countries in which it operates. It is now working with four of the top 10 construction companies in Europe and around the world.<\/p>\n

\u201cWe did a good job selling remotely, but now we need local offices,\u201d Danon added. \u201cWe are also sitting on piles of data from construction sites. We learn from one project to another and want to look for the challenges where data will help make a financial impact. It\u2019s a natural next step for the company.\u201d<\/p>\n

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Despite the hype, construction tech will be hard to disrupt<\/a><\/p>\n<\/blockquote>\n

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\u00a0<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/sH-_oKPpRFQ\/<\/p>","protected":false},"excerpt":{"rendered":"

One year after raising $16 million, construction technology company Buildots is back to claim another $30 million, this time in Series B funding. Lightspeed Venture Partners led the round, with <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-25615","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t