Intel Backs Israeli AI Construction Tech Startup Buildots with $15 Million Investment
Buildots, an Israeli AI construction tech startup, secures $15M from Intel Capital to enhance project management and efficiency in the construction industry.
Israeli construction technology startup Buildots has received a $15 million investment led by Intel Capital. This funding round also included contributions from OG Tech Partners and previous investors, pushing Buildots' total funding to $121 million.
Buildots uses artificial intelligence (AI) to help the construction industry tackle inefficiencies and avoid mistakes that can cause project delays and cost overruns. Their AI software helps save money and can reduce project delays by up to 50%.
Roy Danon, the CEO of Buildots, explained that their technology integrates AI-powered progress tracking and advanced analytics into the construction industry, which has not yet fully embraced digital advancements.
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Intel Capital, the investment arm of Intel, is leading this funding effort. Lisa Cohen, Investment Director at Intel Capital, mentioned that Intel is involved in some of the largest and most complex construction projects in the world and sees AI as a key tool to improve construction management and efficiency.
Transforming the Future of Construction
The construction industry, known for its traditional methods and slow adoption of new technologies, stands to gain significantly from AI innovations. Buildots' AI-driven approach not only optimizes project timelines and budgets but also enhances overall project quality by providing real-time insights and automated progress reports.
By integrating AI with existing construction processes, Buildots aims to streamline project management, reduce human error, and facilitate better communication among project stakeholders. This technological advancement could lead to safer work environments, more accurate project forecasts, and a reduction in wasted resources.
Expanding Global Reach
With this latest investment, Buildots plans to further develop its AI capabilities and expand its market presence globally. The company aims to become a leading force in the digital transformation of the construction industry, offering solutions that can be adapted to various types of projects, from residential buildings to large-scale infrastructure developments.
The collaboration with Intel Capital not only provides financial backing but also strategic support, leveraging Intel's extensive experience in managing large projects and its commitment to innovation. As Buildots continues to grow, it hopes to set new standards for efficiency and effectiveness in construction, ultimately benefiting developers, contractors, and clients alike.
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