Doxel, a software start-up providing the first computer-vision-powered predictive analytics solution for the construction industry, has 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 scale its artificial intelligence platform and rapidly accelerate recruiting across its engineering, sales, marketing & product teams, according to a statement.
“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,” explained Saurabh Ladha, Doxel Chief Executive & Co-Founder. “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.”
”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,” said Dmitry Gurevich, IT Manager Pennsylvania Chemicals Project, Shell Polymers.
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