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Intel leads investment in Israeli AI construction technology startup Buildots

JERUSALEM (Reuters) – Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to support its growth.

OG Tech Partners and previous investors also participated in the funding round, bringing Buildots’ total funding to $121 million.

Buildots uses artificial intelligence (AI)-based software to help the construction industry overcome inefficiencies and avoid errors that could lead to schedule delays and budget variances.

The company said this would reduce costs and delays by up to 50%.

Roy Danon, CEO of Buildots, said the company is integrating AI-powered progress tracking and advanced analytics software into the trillion-dollar construction industry, which “has not yet fully benefited from the digital age.”

Intel Capital is the venture capital and investment arm of chip manufacturer Intel.

Lisa Cohen, investment director at Intel Capital, said in a statement that given that Intel is executing some of the largest and most complex construction projects in the world, it is betting that AI can “revolutionize construction process management and drive new efficiencies.”

(Reporting by Steven Scheer; Editing by Mark Potter)

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