Construction technology company Buildots has raised $16 million in funding over the past year. Now, it is seeking another $30 million in Series B funding.Lightspeed Venture Partners was the lead investor in this round. Previous investors TLV Partners and Future Energy Ventures also participated. Tidhar Construction Group was also involved. According to Roy Danon (co-founder and CEO at Buildots), the total amount of funding for the company is $46 million.With headquarters in Tel Aviv, London and London, the company is three years old. It uses artificial intelligence computer vision technology for construction inefficiencies. Danon stated that construction is responsible for 13% global GDP and employs hundreds million of people. However, the industry's productivity has slowed to 1% over the past 20 years.Danon spent six months visiting construction sites to talk to workers and learn that control was one area where efficiency was falling apart. He said that construction processes are similar to manufacturing, but building according to design and specifications is not something that happens often because of different rules and the dependence on many entities to do their jobs first.Buildots technology addresses this gap by using AI algorithms to validate images taken with hardhat-mounted 360° cameras. This detects immediately any differences between the original design and the actual construction site. This allows project managers to make faster decisions and can speed up construction.Danon stated that it even detects instances where contractors are installing outside of their intended location and streamlines payments to ensure transparency and clarity. Buildots creates trust and a collaborative environment by providing one source of information that explains everything. The system does not allow for blaming and cutting corners. It also makes construction a more healthy industry to work in.Once Buildots was able show product market fit, it sought new funding. It is currently being used on large-scale building projects across the U.S., U.K. and Germany. Buildots will continue its expansion to meet the demand. It will double the global team, focusing on sales, marketing, and R&D, and expand on the business side. Danons goal is to be the standard in every construction site.Lightspeed Venture Partners partner Tal Morgenstern said that he monitors graduates from the Israel Defense Forces where the three Buildots founders are from. In the case of this company however, Lightspeed passed on both the Series A and the seed.Morgenstern admitted that the decision was wrong, but he felt it was important to make the right choice.He stated that Buildots had resolved both these issues by the time that the Series B was released. This proved that the technology works and that customers are adopting it without any sales or marketing. Other solutions in construction tech still relied on lasers and people to input or tap photos.Morgenstern stated that Buildots seamlessly captures images and provides high-quality insights. This is why they are able to charge the prices they have and are getting interesting commercial results.Danon, a builder at the moment, said that technology has enabled Buildots move quickly to create processes for the industry.The company experienced more than 50% quarter-over-quarter growth in three of its countries. It now works with four of Europe's top 10 construction firms, as well as around the globe.Danon said that although we did a great job selling remotely, now we need local offices. We also have piles of data from construction sites. We are constantly learning from each project and we want to find the financial opportunities where data can help. It's the natural next step in the company's evolution.
