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