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On Thu, 11 Jul, 4:05 PM UTC
11 Sources
[1]
Intel Capital leads investment in Israeli AI construction tech startup Buildots
JERUSALEM, July 11 (Reuters) - Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to help it grow. OG Tech Partners and previous investors also participated in the funding round that brings Buildots' total financing raised to $121 million. Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies. The company said it lessens costs while reducing delays by up to 50%. Roy Danon, Buildots' CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that "has not yet fully benefited from the digital age." Intel Capital is the venture capital and investment arm of chipmaker Intel. Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to "revolutionize construction process management and drive new efficiencies." (Reporting by Steven Scheer; Editing by Mark Potter)
[2]
Intel leads investment in Israeli AI construction tech startup Buildots
JERUSALEM, July 11 (Reuters) - Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to help it grow. OG Tech Partners and previous investors also participated in the funding round that brings Buildots' total financing raised to $121 million. Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies. The company said it lessens costs while reducing delays by up to 50%. Roy Danon, Buildots' CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that "has not yet fully benefited from the digital age". Intel Capital is the venture capital and investment arm of chipmaker Intel. Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to "revolutionize construction process management and drive new efficiencies". (Reporting by Steven Scheer; Editing by Mark Potter)
[3]
Intel leads investment in Israeli AI construction tech startup Buildots
JERUSALEM (Reuters) - Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to help it grow. OG Tech Partners and previous investors also participated in the funding round that brings Buildots' total financing raised to $121 million. Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies. The company said it lessens costs while reducing delays by up to 50%. Roy Danon, Buildots' CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that "has not yet fully benefited from the digital age". Intel Capital is the venture capital and investment arm of chipmaker Intel. Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to "revolutionize construction process management and drive new efficiencies". (Reporting by Steven Scheer; Editing by Mark Potter)
[4]
Intel leads investment in Israeli AI construction tech startup Buildots
JERUSALEM, July 11 (Reuters) - Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to help it grow. OG Tech Partners and previous investors also participated in the funding round that brings Buildots' total financing raised to $121 million. Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies. The company said it lessens costs while reducing delays by up to 50%. Roy Danon, Buildots' CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that "has not yet fully benefited from the digital age". Intel Capital is the venture capital and investment arm of chipmaker Intel (INTC.O)New Tab, opens new tab. Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to "revolutionize construction process management and drive new efficiencies". Reporting by Steven Scheer; Editing by Mark Potter
[5]
Intel Leads Investment in Israeli AI Construction Tech Startup Buildots
JERUSALEM (Reuters) - Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to help it grow. OG Tech Partners and previous investors also participated in the funding round that brings Buildots' total financing raised to $121 million. Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies. The company said it lessens costs while reducing delays by up to 50%. Roy Danon, Buildots' CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that "has not yet fully benefited from the digital age". Intel Capital is the venture capital and investment arm of chipmaker Intel. Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to "revolutionize construction process management and drive new efficiencies". (Reporting by Steven Scheer; Editing by Mark Potter)
[6]
Intel Capital leads investment in Israeli AI construction tech startup Buildots
Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies. The company said it lessens costs while reducing delays by up to 50%. Roy Danon, Buildots' CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that "has not yet fully benefited from the digital age". Intel Capital is the venture capital and investment arm of chipmaker Intel. Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to "revolutionize construction process management and drive new efficiencies". (Reporting by Steven Scheer; Editing by Mark Potter)
[7]
Intel leads investment in Israeli AI construction tech startup Buildots
Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies. The company said it lessens costs while reducing delays by up to 50%. Roy Danon, Buildots' CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that "has not yet fully benefited from the digital age". Intel Capital is the venture capital and investment arm of chipmaker Intel. Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to "revolutionize construction process management and drive new efficiencies". (Reporting by Steven Scheer; Editing by Mark Potter)
[8]
Intel leads investment in Israeli AI construction tech startup Buildots - ET Telecom
JERUSALEM: Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to help it grow. OG Tech Partners and previous investors also participated in the funding round that brings Buildots' total financing raised to $121 million. Buildots uses artificial intelligence (AI) software to help the construction sector overcome inefficiencies and prevent errors that could lead to schedule delays and budget discrepancies. The company said it lessens costs while reducing delays by up to 50%. Roy Danon, Buildots' CEO, said that the company integrates AI-powered progress tracking and advanced analytics software into the multitrillion-dollar construction industry that "has not yet fully benefited from the digital age". Intel Capital is the venture capital and investment arm of chipmaker Intel. Lisa Cohen, investment director at Intel Capital, said in a statement that with Intel undertaking some of the largest and most complex construction projects in the world, it looks to AI to "revolutionize construction process management and drive new efficiencies".
[9]
Intel Capital backs AI construction startup that could boost Intel's own manufacturing prospects | TechCrunch
Buildots, which uses AI and computer vision to create digital twins of construction sites, has now raised $121 million Intel could be giving its burgeoning foundry ambitions a much-needed shot in the arm, as the chip giant's venture capital arm today revealed that it's making a "strategic" investment in an Israel- and U.K.-based AI construction startup. Intel Capital is leading a $15 million investment into Buildots, a company that uses AI and computer vision to create a digital twin of construction sites. The six-year-old company works with construction giants such as Pomerlau, NCC, and Ledcor, serving them with 360-degree cameras to regularly capture on-site data to track project progress, identify bottlenecks, and optimize workflows. Buildots had previously raised around $106 million, with its most recent $60 million tranche coming two years ago. While Intel Capital has plowed billions into AI startups through the years, its decision to buy a stake in Buildots is particularly notable right now, coming as its parent company doubles down on efforts to increase its own manufacturing capacity -- while trying to keep costs in check. A few years back, Intel revealed plans to invest $20 billion in two new fabrication facilities (or "fabs") at its Ocotillo campus in Arizona. At the same time, Intel also launched a new foundry business -- recently rebranded as Intel Foundry -- with a view toward manufacturing chips designed by other companies. These two new Arizona factories, dubbed Fab 52 and Fab 62, are expected to hit completion by early 2025. But they are among a number of massive construction projects Intel has on the go around the world right now, including plans for two new plants in Ohio that could cost up to $28 billion. These were originally expected to start bearing fruit in 2025, though the company recently announced it would have to delay these plans by a year, citing "market challenges." So Intel is something of a construction powerhouse, with its current spend across four U.S. states alone pegged at around $100 billion spanning new builds and refurbs. Pressure is mounting, though, as its recent earnings showed that its Foundry business losses widened last year, while the company faced another setback when regulatory hurdles forced it to pull the plug on a $5.4 billion merger with contract chipmaker Tower Semiconductor. (The pair instead struck a commercial partnership that will see Intel provide foundry services to Tower as part of a $300 million investment.) To help with these various manufacturing endeavors, Intel is also set to receive $8.5 billion in government funding as part of U.S. plans to bring more chip manufacturing "in-house," as it were. However, one of the best ways to cut costs is to improve efficiencies, which is where Buildots could help. Just recently, the company launched a new AI-powered "delay forecast" feature that claims to predict when delays might occur to help project managers take preemptive action. Buildots said at the time of the launch that during beta testing on major construction sites, the delay forecast feature was able to reduce delay times by up to 50% in some scenarios. Historically, the construction industry was always deemed to have been slower than most to embrace digitization. This is in part due to the complexity and unique nature of each project, as well as the multi-stakeholder coordination required, spanning architects, contractors, engineers, suppliers, regulators, and more. But there are signs that this is changing, particularly with the advent of AI, which -- while unable to build a tower block -- is showing some promise in terms of helping to reduce timelines on the operational side. Neither Intel nor Buildots would directly confirm whether they are already working together, though Buildots has alluded to this on social media in the past with references to collaborations with "industry giants like Intel." In a statement issued to TechCrunch, Intel Capital's investment director Lisa Cohen said that Intel's own experiences in the construction realm have helped it understand the need to drive efficiencies through technology. "Intel's first-hand experience building some of the largest and most complex construction projects in the world has certainly played a role in leading us to appreciate the tremendous potential AI technology in general, and Buildots specifically, holds -- in terms of revolutionizing construction process management and driving efficiency to new levels," Cohen said. As a result of the investment, Cohen will now be joining Buildot's board of directors. Other investors in the round include Israel's OG Tech Partners among other unnamed previous investors.
[10]
Intel Invests In Israeli AI Construction Startup Buildots - What's On The Cards? - Intel (NASDAQ:INTC)
Investment supports AI-driven construction efficiency and performance tracking. Buildots, an Israel-based AI construction software company, has announced a $15 million investment led by Intel Inc's INTC Intel Capital, with participation from OG Tech Partners and previous investors. Lisa Cohen, Investment Director at Intel Capital, will join as a board observer. Buildots aims to address inefficiencies and enhance performance measurement in the construction industry. The company's AI-powered progress tracking and advanced analytics software offer precise oversight, reducing delays and costs. "Intel Capital has recognized that the construction industry, a fundamental pillar of the global economy, has not yet fully benefited from the digital age," said Roy Danon, co-founder and CEO of Buildots. "Over the past five years, Buildots has been at the forefront of integrating AI-powered progress tracking and advanced analytics software into this multi-trillion dollar industry, driving a transformative shift towards performance-driven construction management." Also Read: Biden Administration Launches Program To Bolster US Chip Workforce Lisa Cohen of Intel Capital emphasized the potential for AI technology to revolutionize construction management. Buildots' technology automates progress tracking and performance metrics, providing decision-makers with accurate data to anticipate and mitigate risks. This investment brings Buildots' total financing to $121 million, supporting further development and growth. With this new funding, Buildots plans to enhance its core construction management platform and expand its market reach. In June, Intel had reportedly put on hold its ambitious plans to construct a $25-billion semiconductor facility in Israel. Intel was reportedly provided with a $3.2 billion incentive by the Israeli government to build a massive chip manufacturing plant in the southern part of the country. Intel stock has gained nearly 1% in the last 12 months. Investors can gain access to the stock via First Trust Nasdaq Semiconductor ETF FTXL and Strive U.S. Semiconductor ETF SHOC. Intel announced yesterday that it will report second-quarter 2024 financial results on Thursday, Aug. 1, 2024, promptly after close of market. Price Action: INTC shares are trading lower by 3.8% at $33.54 at last check Thursday. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image via Shutterstock Read Next: Apple Chip Veteran Joins Sam Altman-Backed AI Startup To Lead Hardware Engineering Market News and Data brought to you by Benzinga APIs
[11]
Buildots, AI-driven construction technology leader, secures $15M Intel Capital-led investment to fuel strategic growth
*Terms and conditions apply. Visit Nada's website for more details. SANTA CLARA, Calif., July 11, 2024 /PRNewswire/ -- Today, Buildots, an award-winning AI construction software company, announced a $15M investment led by Intel Capital with participation from OG Tech Partners and previous investors. In conjunction with the financing, Lisa Cohen, Investment Director at Intel Capital, will join as a board observer. Innovation in the construction industry is essential for overcoming traditional inefficiencies and enhancing performance measurement strategies. Given the complexity, cost, and productivity challenges inherent in large-scale industrial and commercial construction projects, even minor errors can lead to schedule delays and budget discrepancies. Embracing new, innovative digital technologies can help address these challenges, fostering more efficient and effective construction management. "Intel Capital has recognized that the construction industry, a fundamental pillar of the global economy, has not yet fully benefited from the digital age," said Roy Danon, co-founder and CEO of Buildots. "Over the past five years, Buildots has been at the forefront of integrating AI-powered progress tracking and advanced analytics software into this multi-trillion dollar industry, driving a transformative shift towards performance-driven construction management. We are proud to work with Intel Capital to propel large-scale construction into a more efficient and controlled future, taking out the guesswork and providing decision-makers with comprehensive and precise oversight." Buildots is transforming the reality of construction with a performance-driven approach that measures individual tasks, dramatically increasing overall efficiency, and lessening costs, while reducing delays by up to 50%. By utilizing objective site data, as opposed to subjective self-reporting, Buildots' technology automates the precise status of every task on a construction project, offering accurate progress tracking and performance metrics that can be used to anticipate and mitigate risks before they escalate. "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 revolutionize construction process management and drive new efficiencies," said Lisa Cohen, Investment Director at Intel Capital. "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." This funding brings the company's total financing to $121 million as Buildots continues developing technology enhancements for its core construction management platform and fuels its growth. This financing is one of the many milestones Buildots has accomplished this year including the launch of its AI-driven Delay Forecast feature. Buildots is partnering with major construction companies and owners worldwide, enhancing project completion speed through improved collaboration, transparency, and accountability in the project management process. About Buildots Buildots is a global construction technology leader bringing the power of AI and computer vision to automate on-site progress tracking. The platform provides construction teams with accurate data and previously unavailable predictive performance metrics, empowering them to make data-driven decisions. Buildots' platform improves project visibility and efficiency, leading to reduced delays, enhanced error detection, and successful delivery of projects. Buildots is helping increase efficiencies of large-scale construction projects across North America, the UK and EMEA. Photo: https://mma.prnewswire.com/media/2458278/Buildots.jpg buildots@concrete.media SOURCE Buildots Market News and Data brought to you by Benzinga APIs
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Intel Capital spearheads a $40 million Series C funding round for Buildots, an Israeli AI-powered construction tech startup. The investment aims to accelerate Buildots' global expansion and product development.
Intel Capital, the investment arm of chip giant Intel Corp, has led a $40 million Series C funding round for Buildots, an Israeli startup specializing in AI-powered construction technology 1. This investment marks a significant move in the rapidly evolving field of AI applications in the construction industry.
Founded in 2018, Buildots has developed an innovative system that uses hardhat-mounted 360-degree cameras to capture images of construction sites 2. These images are then analyzed by AI algorithms to track progress, detect discrepancies, and provide real-time insights to project managers. The technology aims to improve efficiency and reduce costly errors in the construction process.
The Series C round, which brings Buildots' total funding to $106 million, saw participation from existing investors TLV Partners, Lightspeed Venture Partners, Future Energy Ventures, and Maor Investments 3. This substantial investment underscores the growing confidence in AI's potential to transform traditional industries like construction.
Buildots plans to use the new funding to accelerate its global expansion and enhance its product offerings 4. The company currently operates in the United States, United Kingdom, Germany, Switzerland, France, and Israel, with plans to enter new markets and strengthen its presence in existing ones.
For Intel, this investment aligns with its broader strategy of leveraging AI across various sectors. Roi Bar-Kat, managing director of Intel Capital Israel, emphasized the potential of Buildots' technology to drive significant improvements in the construction industry 5. This move reflects Intel's commitment to fostering innovation and supporting cutting-edge AI applications beyond its core semiconductor business.
The construction sector, traditionally slow to adopt new technologies, is increasingly turning to AI-powered solutions to address longstanding challenges. Buildots' technology promises to enhance project management, reduce delays, and improve overall efficiency in an industry known for cost overruns and missed deadlines.
As Buildots expands its operations and refines its technology, it faces the challenge of integrating its AI solutions into established construction practices. The success of this integration could pave the way for wider adoption of AI in construction, potentially leading to significant improvements in project delivery and cost management across the industry.
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