US-based construction tech startup Buildots has raised $60m via Series C funding round that was co-led by Viola Growth and Eyal Ofer’s O.G. Tech.
The funding round had seen participation from TLV Partners, Lightspeed Venture Partners, Future Energy Ventures and Maor Investments.
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With this latest round, the startup has raised a total of $106m so far.
The firm will be use the proceeds from the Series C round for product development and build its team, especially in Europe and North America, reported Techcrunch.
Buildots co-founder Roy Danon was quoted by the media outlet as saying: “The construction industry has been going through major transformation over the past few years.
“Drivers of this change include rising demand for new commercial and residential projects, increasing complexity of these projects, and manpower shortage. Traditionally, contractors have suffered from low profit margins, but Buildots’ solution is leading the charge to connect data to decision-making so that they can maximize revenue.”
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By GlobalDataThe company was established in 2018 by Roy Danon, Aviv Leibovici and Yakir Sudry.
Buildots platform leverages artificial intelligence and hardhat-equipped cameras to capture images of ongoing construction projects during inspections of the sites.
The company evaluates project schedules, designs and other data to produce a model of an active construction site.
When construction workers mount their hardhats with cameras and upload the footage to Buildots platform, the structures of the site get automatically compared with the model to gauge progress. The platform automatically blurs out people in the footage for compliance reasons.
Danon added: “When it comes to syncing decision makers with data from building sites, Buildots does this with more depth and accuracy than anyone else.
“Buildots has more than doubled the size of its team over the past year and recently surpassed the 200 mark. The new funding will be used to expand our R&D, sales, and marketing [organizations]. We expect to be 300 strong by the end of 2022.”
The company’s revenue grew ‘tenfold’ over the course of last year as its customer base expanded to ‘dozens’ of contractors in the construction industry, claimed Danon.
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IMAGE: The construction tech startup will be use the proceeds from the Series C round for product development and build its team. Credit: LEEROY Agency from Pixabay.
