Intel invests in AI construction software company
Intel Capital has led a USD 15 million investment into Buildots, a tech startup that applies AI tools to construction projects.
Construction has, to a degree, been left behind by the trend towards digitisation. However, Buildots believes it has created a way to boost its performance using tech tools. It says its AI-driven approach measures individual tasks using objective site data, as opposed to subjective self-reporting. This way, it can automate the precise status of every task on a construction project. It says the approach can cut costs, while reducing delays by up to 50%.
This new funding round brings the company's total financing to USD 121 million. It was led by Intel Capital with participation from OG Tech Partners and previous investors.
"As we invest in a resilient global supply chain for semiconductors, Intel undertakes some of the largest and most complex construction projects in the world. That first-hand experience is why we see so much potential for AI technology to revolutionise construction process management and drive new efficiencies," said Lisa Cohen, Investment Director at Intel Capital in an official announcement. "Buildots' visionary outlook and ability to apply AI-powered predictive analytics to increase construction efficiencies will enable a more productive future for the global construction market."
