Intel Gives Its Foundry Ambitions A Shot in the Arm with Strategic Investment in Buildots
In a move that could potentially give its burgeoning foundry ambitions a much-needed boost, Intel’s venture capital arm has announced a strategic investment in an Israel- and U.K.-based AI construction startup called Buildots. The $15 million investment, led by Intel Capital, highlights the chip giant’s growing interest in leveraging artificial intelligence to improve manufacturing efficiencies.
Buildots: Revolutionizing Construction Process Management with AI
Founded six years ago, Buildots has been gaining traction in the construction industry with its innovative use of AI and computer vision to create a digital twin of construction sites. The company’s technology allows it to capture on-site data using 360-degree cameras, enabling project managers to track progress, identify bottlenecks, and optimize workflows. With this latest investment, Buildots is poised to further expand its capabilities and make a significant impact in the industry.
Intel’s Growing Interest in AI
Intel Capital has been actively investing in AI startups over the years, with a particular focus on companies that are developing cutting-edge technologies in areas such as computer vision, natural language processing, and machine learning. This latest investment in Buildots is notable, however, given Intel’s growing ambitions in the foundry space.
Intel’s Foundry Expansion Plans
In recent years, Intel has been doubling down on its efforts to increase its manufacturing capacity while keeping costs in check. The company has announced plans to invest $20 billion in two new fabrication facilities (or ‘fabs’) at its Ocotillo campus in Arizona, with a target completion date of early 2025. Additionally, Intel has launched a new foundry business, rebranded as Intel Foundry, aimed at manufacturing chips designed by other companies.
Construction Industry’s Reluctance to Adopt Digitization
Historically, the construction industry has been slow to adopt digitization due to its complexity and unique nature, requiring multi-stakeholder coordination among architects, contractors, engineers, suppliers, regulators, and more. However, with the advent of AI, there are signs that this is changing, particularly in terms of reducing timelines on the operational side.
Buildots’ Potential Impact
The impact of Buildots’ technology on construction projects cannot be overstated. By leveraging AI to create a digital twin of construction sites, project managers can identify potential bottlenecks and optimize workflows, leading to significant cost savings and improved efficiency. In fact, during beta testing, Buildots’ delay forecast feature was able to reduce delay times by up to 50% in some scenarios.
Collaboration between Intel and Buildots
While neither company would confirm whether they are already working together, there are indications that a collaboration is underway. In the past, Buildots has alluded to partnerships with industry giants like Intel on social media. With this latest investment, Lisa Cohen, Intel Capital’s Investment Director, will join Buildots’ Board of Directors.
Conclusion
Intel’s strategic investment in Buildots marks an exciting development in the company’s growing interest in AI and its applications in manufacturing. As the construction industry continues to adopt digital solutions, companies like Buildots are poised to make a significant impact on the sector. With Intel’s support, Buildots is likely to further expand its capabilities, driving innovation and efficiency in the construction process.
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