Bengaluru: Doxel, the software start-up providing the first computer-vision-powered predictive analytics solution for the construction industry, today announced the closing of $40 million in Series B financing – bringing its total funding to $56.5 million.

The investment, led by New York-based global private equity and venture capital firm, Insight Partners, with participation from existing investors Andreessen Horowitz and Amplo, will allow Doxel to continue to expand its India workforce with hiring planned across the enterprise, scale its artificial intelligence platform, and rapidly accelerate recruiting across its engineering, sales, marketing & product teams.

In much the same way that car drivers have come to rely on satellite technology to avoid traffic, Doxel’s customers have come to rely on its AI Powered Project Controls platform to uncover costly delays and cost overruns on construction projects, often saving tens of millions of dollars in the process. Beyond cost overruns, the loss of revenue associated with capital assets not being available for use per plan is exponentially disastrous.

Predictability that keeps projects on time and on budget

The company’s AI Powered Project Controls platform taps into multiple real-time data sources on a project – such as 360-degree images, Building Information Models (BIM) as well as budget and schedule – to provide both predictability and control to building owners and contractors. This helps prevent a domino effect of delays and heightened costs, enabling building owners and contractors to stay on time and on budget.

Doxel has now tracked tens of billions of capital expenditures for a diverse group of Fortune 500 companies, including Kaiser Permanente and Shell Oil.

“With hundreds of thousands of variables changing every day and an opportunity to leverage rapidly exploding datasets on modern construction projects, project teams are seeking a next-generation solution that can do the monitoring for them, so they can focus on solving problems rather than on finding them.”

Saurabh Ladha
Chief Executive & Co-Founder
Doxel

“Doxel’s computer-vision powered predictive analytics enables building owners and general contractors to identify critical risk factors that threaten to derail their project before they even know these risks exist.”

“Soon, it will seem unimaginable that buildings were ever built without Doxel.”

Nikhil Sachdev
Managing Director at Insight Partners

Royal Dutch Shell, commonly known as Shell, a multinational oil and gas company has seen first-hand the impact of the company’s technology.

“With Doxel’s AI Powered Project Controls platform, our team was able to expand the span of control from spot-checks to a near 100% coverage across the entire scope of the installation. We were able to identify critical project risks and confidently make informed decisions preventing significant delays and cost overruns.”

Dmitry Gurevich
IT Manager Pennsylvania Chemicals Project
Shell Polymers

Key to the success of Doxel’s platform is the ability to:

  • Establish an objective ground truth of a construction project, so teams can make decisions based on facts, not guesswork
  • Contextualize disparate project data and bridge knowledge silos, bringing the entire team into collaboration, not debate
  • Generate timely predictive insights that can prevent a potential issue from putting a project days behind schedule or millions of dollars over budget

Suggested Read: Mahindra launches new BSIV construction equipment range (indiaunicorn.com)

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