Buildots Raises $45M to Revolutionize Construction Progress Tracking

Addressing Disconnect in Construction Management

Construction managers frequently encounter challenges in maintaining a clear understanding of on-site activities. Balancing cost control, stakeholder communication, and risk assessment – particularly concerning contractor billing and performance – demands significant attention.

Buildots is focused on revolutionizing these processes through the application of AI and computer vision technologies.

Buildots: AI-Powered Progress Tracking

Established in 2018 by Roy Danon, Aviv Leibovici, and Yakir Sudry, this Chicago-based company has developed a platform for monitoring construction progress. It achieves this by analyzing images obtained from 360-degree cameras worn by site managers.

The system goes beyond simple observation, offering predictive capabilities. Project teams can utilize a chatbot interface to inquire about project status and leverage a predictive tool that identifies potential risks of delays or pacing issues.

Client Impact and Benefits

“This represents a significant advancement for site managers, construction executives, and all involved parties,” states Danon, CEO of Buildots. He shared with TechCrunch that their client base includes Intel and approximately 50 construction companies.

Data-driven decision-making is now possible, replacing reliance on fragmented and potentially unreliable information from various sources.

Recent Funding and Expansion Plans

Buildots has secured $45 million in a Series D funding round, spearheaded by Qumra Capital. Additional participation came from OG Venture Partners, TLV Partners, Poalim Equity, Future Energy Ventures, and Viola Growth.

This new investment increases the company’s total funding to $166 million.

Danon explains that the funds will primarily be allocated to broadening the platform’s capabilities to encompass a wider range of construction lifecycle stages.

The intention is to leverage accumulated historical data to train AI models, enabling more effective benchmarking and optimization of construction project performance.

Competitive Landscape

Buildots is not alone in exploring AI applications within the construction sector. Other companies in this space include:

• BeamUp: Developing an AI-powered platform for building design.
• Versatile: Similar to Buildots, this company captures and analyzes on-site data to provide a comprehensive view of construction progress.

Growth and Future Outlook

With a team exceeding 230 employees, Buildots is a substantial player in this evolving market.

The company intends to expand its North American operations this year, with a particular emphasis on strengthening its research and development teams.

“Our platform’s focus on operations and our approach to construction performance management provide a distinct advantage,” Danon asserts. “This funding will expedite our initiatives and, crucially, confirms the market’s readiness for the transformative changes we are delivering.”