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.
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,” 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.”
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,” said 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
“Soon, it will seem unimaginable that buildings were ever built without Doxel,” said Nikhil Sachdev, Managing Director at Insight Partners.
According to a 2021 construction outlook from Autodesk, nonresidential spending across the board is forecast to hit $411 billion in 2021. As the global construction industry continues its bounce-back from the impact of the worldwide pandemic, Doxel is poised to scale up its solutions to meet the growing demand.
As a youth, Ladha witnessed his family experience perilous circumstances resulting from significant, costly delays on a major construction project. While ultimately completed successfully, that experience inspires Ladha and his Co-Founder and CTO Robin Singh to scale their AI Powered Project Controls Platform and innovative solutions for the construction industry.
