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.”
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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.
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