The new 鈥楽eries B鈥� round of funding is led by Lightspeed Ventures with the participation of Buildots鈥� previous investors: TLV Partners, Future Energy Ventures and Tidhar Construction Group. Series B funding is used by start-ups to expand market reach beyond the initial development stage.
The company had secured 拢12m in funding last year. Its AI computer vision has now reached 12 countries; it is being used on major projects in the US, UK, Germany, Switzerland, Scandinavia, Hong Kong and elsewhere.
鈥淲hen 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. 鈥淲e are now working with construction companies in over a dozen countries and what we鈥檙e seeing is that the challenges Buildots is addressing are ubiquitous around the world. A global expansion at the rate we鈥檝e 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.鈥�
Buildots' AI algorithms validate images captured by hardhat-mounted 360掳 cameras, detecting any gaps between the original design, scheduling and the reality on the construction site.
Tal Morgenstern, partner at Lightspeed Venture Partners, said: 鈥淐onstruction is a massive market with real GDP impact but it is still underserved by technology. We believe Buildots is the company that will change that reality.鈥� He said that the company has created a unique technology that generates measurable return on investment while still being simple enough for end-users to navigate seamlessly. 鈥淭he rapid adoption Buildots has seen to date is driven exclusively by word of mouth,鈥� he said. 鈥淔ollowing that success, this financing round will support an aggressive growth plan going forward.鈥�