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Ai-Powered Construction Management Platform Buildots Lands $60M

May 17, 2022•about 3 years ago

Amount Raised

$60 Million

Tel Aviv

Description

In the construction industry, managers can become disconnected from what’s happening on-site — particularly when dealing with pandemic-related disruptions. Among the top hurdles are staying on top of costs, communicating with all stakeholders, and assessing risk related to aspects like contractor billing and performance. The disconnect can lead to delays and unanticipated expenses. One study found that 85% of construction projects over the course of a 70-year period experienced cost overruns and just 25% came close to their original deadlines.

Company Information

Company

Buildots

Location

Tel Aviv, Tel Aviv District, Israel

About

To meet demand, Buildots will use the new funding to continue that expansion; double the size of its global team with a focus on sales, marketing and R&D; and grow on the business side. He felt that Buildots, with such a premium product, would have a challenge selling to a low-margin industry that was late to adopt technology in general. By the time the Series B came round, he said Buildots had solved both of those issues, proving that it works, but also that customers were adopting the technology without much sales and marketing. One year after raising $16 million, construction technology company Buildots is back to claim another $30 million, this time in Series B funding.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech