Have you ever driven by a seemingly never ending construction project in your community? If so, you won't be surprised to learn that the construction industry has a widespread issue of budget and schedule overrun: over 90% of major construction projects are delivered over budget and beyond the original completion date.
This is often caused by mistakes made on site that aren't caught until days or weeks later. Even small errors, when not caught quickly, can often compound and jeopardize a project. Most organizations rely on manual inspection where notes are later translated into project-level insights, and ultimately, decisions. These manual processes are highly inefficient due to issues ranging from siloed data and lag time to inaccuracy or missing data. It's hard for the human eye to precisely track a project across dozens of vendors installing their respective scopes of work on a massive construction site. It’s even harder to predict the future, such as extrapolating project level insights such as critical path delays impacting substantial completion or imminent cost overruns.
Enter, Doxel! Doxel provides an AI-Powered Project Controls platform that uncovers hidden risks for commercial construction. By mining through your data, including 360 images of the site, and unearthing risks that you didn’t even know existed, Doxel enables project teams to land projects on schedule and on budget. With Doxel, site managers can track progress on 100% of the site across the entire project team. Taking that a step further, Doxel brings in budget and schedule data and uses AI to predict future delays or cost overruns so project teams can react early and often to mitigate delays and overruns.
We were impressed with Doxel's AI-first software approach to this problem. Through Doxel’s first-of-its-kind, computer-vision powered predictive analytics solution for construction, Doxel provides real-time insights that allow project executives to make actionable, data-oriented strategic decisions. Doxel's offering is mission-critical for both owners and GCs, and highly measurable. In one instance on a multi-billion dollar project, Doxel’s platform mined through terabytes of data in real-time and found that, contrary to the client's expectation, >12% of the piping system had not yet been installed. While the impact of this relatively small discrepancy would otherwise not have been realized, Doxel AI predicted a 3 week delay and a multi-million dollar cost overrun, enabling the customer to immediately prioritize corrective action and avert what could have been a disastrous outcome.
We are thrilled to lead Doxel's $40M Series B and partner with Saurabh, Robin, and the entire Doxel team to drive the future of construction.