Israeli startup Buildots offers a new service that utilizes modern camera technology to verify that the work being done on the ground matches what was expected in the planning. Buildots has just completed a $30 million Series B funding round led by Lightspeed Venture Partners, with the participation of previous investors; TLV Partners, Future Energy Ventures, and Tidhar Construction Group.
This brings Buildots’ total investment to date to $46 million.
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Buildots was founded in 2018 by Roy Danon, Yakir Sudry and Aviv Leibovici to “turn construction sites into fully digitized environments.” The company uses algorithms to automatically validate images filmed on hardhat-mounted 360° cameras. They can detect any gaps between the original design, scheduling and the reality of what is really happening in real time on the ground during construction or other types of projects.
Roy Danon personally spent six months on construction sites observing the construction workers in action. This provided him with the insights needed to develop the Buildots tech.
“The new funding will support our ambitious growth plans for 2021-2022, including extending our existing sales team and opening new territories,” Buildots co-founder and CEO Roy Danon told VentureBeat.
“It will also support additional enhancements to the product, such as supporting more project workflows, integrations with other ecosystem players, and [fine-tuning] our AI to provide more critical insights to our clients,” he continued.
“Construction 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,” said Tal Morgenstern, Partner at Lightspeed Venture Partners. “They have created a truly unique technology, productized in a way that generates measurable ROI while still being simple enough for end-users to navigate seamlessly. The rapid adoption Buildots has seen to date is driven exclusively by word of mouth. Following that success, this financing round will support an aggressive growth plan going forward.”