California-based Doxel has 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.
Founded in 2016 by Saurabh Ladha and Robin Singh, the software start-up provides computer-vision-powered predictive analytics solutions for the construction industry.
The investment 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.
“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. 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,” said Saurabh Ladha, Chief Executive & Co-Founder, Doxel.
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.
