In Europe, the construction sector is slowly catching up in terms of digitalisation in the past few years. As a result, the productivity of the industry is growing after years of stagnation. According to the European Commission, construction productivity has only increased by 1 per cent in the past two decades. And with operational profitability often being only 5 per cent, there is little room for error.
At present, numerous contech startups have emerged to gain a foothold in the industry by applying new disruptive technologies that could upend the playing field. Also, the companies are focusing on solving a specific but industry-wide problem, such as enhancing productivity, the safety of workers, and more.
Meet Buildots, a Tel Aviv-based company that specialises in transforming construction sites into a data-driven digital environment. Today, Buildots has announced that it has raised $30M (approx €25.2M) funding in a Series B round led by Lightspeed Ventures.
“When it comes to digital transformation, construction has been a sleeping giant and Covid-19 served as an accelerator for the industry,” says Roy Danon, co-founder, and CEO of Buildots. “We are now working with construction companies in over a dozen countries and what we’re seeing is that the challenges Buildots is addressing are ubiquitous around the world. A global expansion at the rate we’ve experienced would have ordinarily been impossible in an industry like construction that has its roots in handshake deals and in-person relationships without the new covid reality of remote meetings and even deal signings.”