Doxel raises $40 mn in Series B funding from Insight Partners, others

The funding would help Doxel to accelerate recruiting across its engineering, sales, marketing and product teams

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

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

The funding would also help the firm to accelerate recruiting across its engineering, sales, marketing and product teams. 

The company’s AI-Powered Project Controls platform taps into multiple real-time data sources on a project. These include 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. 

The platform helps customers to uncover costly delays and cost overruns on construction projects. This often saves tens of millions of dollars in the process, the company claimed.

“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,” said 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.”

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

“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 per cent coverage across the entire scope of the installation,” said Dmitry Gurevich, IT Manager Pennsylvania Chemicals Project, Shell Polymers. “We were able to identify critical project risks and confidently make informed decisions preventing significant delays and cost overruns.”

“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.