Jul
30
2020
--

Buildots raises $16M to bring computer vision to construction management

Buildots, a Tel Aviv and London-based startup that is using computer vision to modernize the construction management industry, today announced that it has raised $16 million in total funding. This includes a $3 million seed round that was previously unreported and a $13 million Series A round, both led by TLV Partners. Other investors include Innogy Ventures, Tidhar Construction Group, Ziv Aviram (co-founder of Mobileye & OrCam), Magma Ventures head Zvika Limon, serial entrepreneurs Benny Schnaider and  Avigdor Willenz, as well as Tidhar chairman Gil Geva.

The idea behind Buildots is pretty straightforward. The team is using hardhat-mounted 360-degree cameras to allow project managers at construction sites to get an overview of the state of a project and whether it remains on schedule. The company’s software creates a digital twin of the construction site, using the architectural plans and schedule as its basis, and then uses computer vision to compare what the plans say to the reality that its tools are seeing. With this, Buildots can immediately detect when there’s a power outlet missing in a room or whether there’s a sink that still needs to be installed in a kitchen, for example.

“Buildots have been able to solve a challenge that for many seemed unconquerable, delivering huge potential for changing the way we complete our projects,” said Tidhar’s Geva in a statement. “The combination of an ambitious vision, great team and strong execution abilities quickly led us from being a customer to joining as an investor to take part in their journey.”

The company was co-founded in 2018 by Roy Danon, Aviv Leibovici and Yakir Sundry. Like so many Israeli startups, the founders met during their time in the Israeli Defense Forces, where they graduated from the Talpiot unit.

“At some point, like many of our friends, we had the urge to do something together — to build a company, to start something from scratch,” said Danon, the company’s CEO. “For us, we like getting our hands dirty. We saw most of our friends going into the most standard industries like cloud and cyber and storage and things that obviously people like us feel more comfortable in, but for some reason we had like a bug that said, ‘we want to do something that is a bit harder, that has a bigger impact on the world.’ ”

So the team started looking into how it could bring technology to traditional industries like agriculture, finance and medicine, but then settled upon construction thanks to a chance meeting with a construction company. For the first six months, the team mostly did research in both Israel and London to understand where it could provide value.

Danon argues that the construction industry is essentially a manufacturing industry, but with very outdated control and process management systems that still often relies on Excel to track progress.

Image Credits: Buildots

Construction sites obviously pose their own problems. There’s often no Wi-Fi, for example, so contractors generally still have to upload their videos manually to Buildots’ servers. They are also three dimensional, so the team had to develop systems to understand on what floor a video was taken, for example, and for large indoor spaces, GPS won’t work either.

The teams tells me that before the COVID-19 lockdowns, it was mostly focused on Israel and the U.K., but the pandemic actually accelerated its push into other geographies. It just started work on a large project in Poland and is scheduled to work on another one in Japan next month.

Because the construction industry is very project-driven, sales often start with getting one project manager on board. That project manager also usually owns the budget for the project, so they can often also sign the check, Danon noted. And once that works out, then the general contractor often wants to talk to the company about a larger enterprise deal.

As for the funding, the company’s Series A round came together just before the lockdowns started. The company managed to bring together an interesting mix of investors from both the construction and technology industries.

Now, the plan is to scale the company, which currently has 35 employees, and figure out even more ways to use the data the service collects and make it useful for its users. “We have a long journey to turn all the data we have into supporting all the workflows on a construction site,” said Danon. “There are so many more things to do and so many more roles to support.”

Image Credits: Buildots

Mar
07
2017
--

Farmers Business Network cultivates $40 million to help farmers buy seeds at favorable prices

 GV (formerly known as Google Ventures) and DBL Partners co-led a $40 million investment in Farmers Business Network Inc., the company announced on Tuesday. FBN started out as something of a professional network for farmers and other agronomists. It allowed people working in agriculture to anonymously share information about what they were paying for seeds, fertilizers, and other… Read More

Jul
26
2016
--

Prospera raises $7 million to put computer vision and AI to work on the farm

Prospera monitors tomatoes growing in a greenhouse. A Tel Aviv-based startup called Propsera has raised $7 million in new venture funding to build out systems that will monitor and help farmers improve the health of their crops, and optimize their operations. Bessemer Venture Partners led the Series A round. Prospera CEO and co-founder Daniel Koppel said agriculture professionals have plenty of tech at their disposal today from soil and… Read More

Jul
18
2016
--

Arable’s crop and weather sensor, Pulsepod, aims to make farming predictable

The Arable Pulsepod is installed on a farm to gather data about crops from the ground. A Princeton, New Jersey startup called Arable Labs Inc. recently unveiled a professional-grade crop and weather sensor that’s solar powered, rugged and was designed by Fred Bould, the creative talent behind the Nest thermostat, smoke and carbon monoxide detector, as well as Fitbit, GoPro and Roku products. The Pulsepod, which looks something like the head of a small drum or a… Read More

Feb
18
2016
--

Indigo Is Mapping Plant Microbiomes To Produce Next Generation Crops

Indigo2 David Perry thinks the secret to agricultural challenges like drought resistance might lie in the bacteria that live in a bunch of grass on the beach. That’s just one example that Indigo, a company that analyzes the microbiomes of plants to produce seed coatings that impart various attributes, is looking into as a way to combat difficult conditions for various crops. Indigo is… Read More

Jun
15
2015
--

PowWow, A Startup That Tracks Water Pump Health, Raises $3M

powwow irrigation advisor PowWow, a startup that specializes in technology like a tool that detect leaks and help farmers keep track of their water usage, has raised $3 million. PowWow uses a combination of data from aerial imagery, water energy records and other kinds of data, and then sends farmers text messages with updates if there is a problem. Those problems can be something along the lines of finding a leak.… Read More

Powered by WordPress | Theme: Aeros 2.0 by TheBuckmaker.com