- Buildots, an AI-driven tech company that uses computer vision to create digital twins of construction sites, has secured a $15 million investment led by Intel Capital.
- Intel Capital’s investment in Buildots is notably timely, aligning with Intel’s intensified efforts to boost manufacturing capacity while managing costs, reflecting strategic synergy between the AI startup’s capabilities and Intel’s operational goals.
OUR TAKE
Intel’s investment in Buildots underscores the tech giant’s strategic push for construction efficiency amid ambitious global expansion. By integrating AI-driven insights, Intel aims to streamline operations, mitigate costs, and accelerate timelines for its critical fab developments. This partnership exemplifies the transformative potential of AI in moderniing the construction sector.
–Vicky Wu, BTW reporter
What happened
Buildots, an AI-driven tech company that uses computer vision to create digital twins of construction sites, has secured a $15 million investment led by Intel Capital, alongside OG Tech Partners and existing investors, bringing its total funding to $121 million. The startup specialises in creating digital replicas of construction sites, using computer vision to gather real-time data. This data assists in monitoring construction progress, identifying inefficiencies, and streamlining workflows, ultimately reducing delays by up to 50% and cutting costs.
Buildots’ innovative technology, particularly its “delay forecast” tool, which predicts potential construction delays, could greatly assist Intel in managing costs and enhancing construction efficiency. Although Intel has not officially confirmed the use of Buildots’ software in its projects, the startup claims to collaborate with Intel.
Buildots CEO Roy Danon highlights the potential for AI to revolutionise the construction industry, which has lagged behind in adopting digital advancements. The company aspires to lead a shift toward performance-driven construction management.
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Why it’s important
Intel’s investment in Buildots is strategically significant, given its extensive construction portfolio, including multi-billion dollar chip manufacturing facilities across the globe. Intel is currently constructing two major plants in Arizona, Fab 52 and Fab 62, scheduled for completion in 2025, and has started work on additional chip-making fabs in Ohio, with an estimated cost of up to $28 billion. The company is also developing new facilities in various European countries and Israel.
As Intel aims to become a contract chip manufacturer under its Intel Foundry Services, optimising construction efficiency is crucial. Intel’s construction budget in the U.S. alone surpasses $100 billion, covering new builds and renovations. Intel has faced financial challenges, with its foundry business incurring significant losses. To alleviate costs, Intel has received support from private equity firms and government grants.
Lisa Cohen, the investment director at Intel Capital who is set to join Buildots’ board of directors, highlighted that Intel’s involvement in executing some of the globe’s most sizable and intricate construction endeavors has granted the company a profound understanding of artificial intelligence’s prospective influence on the sector. “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,” Cohen said.
