Buildots raises $16 million to automate construction site reporting with AI

Data-driven construction reporting company Buildots this week announced it has raised $16 million, a combination of a $3 million seed round and a $13 million series A. Cofounder Roy Danon says the funds will be used to scale and improve the company's products as Buildots expands to new regions around the world. Large construction projects -- which some countries have allowed to continue during the pandemic -- still rely on project managers to keep tedious manual records. These managers are often responsible for keeping tabs on countless tasks, in addition to tracking the progress of dozens (or more) contractors. Some analysts say the intractable logistical challenges lead 98% of large projects to suffer cost overruns of more than 30%. Making matters worse, 77% are estimated to be at least 40% late.