The construction technology company Buildots has managed to raise an additional amount of $30 M in series B funding after its previous year’s sum, which is $16 M approximately. Along with the participation of some of the earlier investors, including TLV Partners, Tushar Construction Group, Future Energy Ventures and Maor Investments, the round was led by Lightspeed Venture Partners.
This makes the company’s total funding cross $46 M, per the information provided by the co-founder and CEO of Buildots, Roy Danon. Damon engaged in fieldwork for about six months, delving deep into these inefficiencies and talking directly with the workers.
Although the process of construction and manufacture seems similar, the specs or building to the design were different from what happened frequently. This is because several rules are involved in the process and rely on various entities to fulfil their work requirement.
This new company celebrating its third year of birth, has its headquarters in Tel Aviv and London. The company uses A.I. and computer vision technology to find out the gaps and act on the inefficiencies of construction companies. It thrives on eliminating all the setbacks of construction companies all over the world and emerge as a standard for every construction site.
Buildot thrives on filling this gap with the help of A.I. Algorithms that assist in the automatic validation of various images captured with the help of top-quality 360-degree cameras, which helps in the immediate detection of any gap between the initial design and the one that is being constructed on the site.
This will also help the project managers to modify any crucial decisions and fasten the construction altogether. Therefore a single source of information connects everyone and facilitates mutual trust and collaboration by providing relevant information about all that is happening inside. This makes the overall construction sector a reliable and healthy workplace.
The company witnessed about 50% growth per quarter in three countries in the previous year. It is currently working with four of the top 10 construction companies worldwide, especially in Europe.
Morgenstern, the partner at Lightspeed Venture Partners, added that Buildots, by capturing pictures and offering a high level of insights, has been able to provide justice to the price structure they offer and gain good commercial results.
The inclusion of technology in construction sites has increased work efficiency. It helps construction companies to become more profitable by securing time-to-time updates about the whereabouts of the business.
The company aspired for new funding after successfully displaying product market fit and planned for expansion in different countries. Countries like the U.S., U.K., China, Switzerland, Germany and Scandinavia use the platform for their various building and construction projects.
The new funding will be considered for further expansion and to meet the growing demand. The company is now looking for new offices that will delve deep into the challenges encompassing data which might impact finance. However, the company’s plans extend beyond the construction sector, where their technology might be applicable and prove beneficial.