Doxel announced in August 2021 that it has raised USD 40 million in Series B funding. Doxel has created software that employs computer vision to help track and monitor progress on construction job sites. The round, which was headed by Insight Partners and featured participation from current backers Andreessen Horowitz (a16z) and Amplo, brought the startup’s total funding raised since its founding in December 2015 to USD 56.5 million. A16z has taken part in every round of Doxel, from seed to Series B. Robinhood CEO Vladimir Tenev invested in Doxel’s Series A round as an angel in addition to its institutional investors.
The cash raised at a valuation that could not be disclosed, but according to co-founder and CEO Saurabh Ladha. It was more than a 4x multiple from the company’s USD 12 million Series A in early 2020. Series B, in his words, was an opportunity-driven rise.
The raise made possible by the company’s remarkable valuation. The company has not spent any amount of the entire Series A, which is still in the bank. In addition, the company’s growth and bookings traction have been so strong throughout that time that it has been cash flow neutral.
After his family nearly experienced financial ruin due to a two-year delay on a significant construction project in India in which his father involved, Ladha motivated to find Doxel. Ladha received her degree from Stanford. 90% of projects, in his estimation, delayed and delivered over budget.
Later, in 2015, Ladha joined forces with Robin Singh, Doxel’s CTO, to create Doxel, a predictive analytics platform powered by computer vision that aims to assist owners and contractors in navigating issues before they arise. Or, to put it more succinctly, Doxel is developing a platform it refers to as “Waze for Construction.”
According to Ladha, the company’s main advantage over rivals is that it offers a prospective analysis of the building industry. Many businesses provide backward analytics. However, only Doxel is providing a solution that looks ahead and is predictive. Customers of Doxel have come to rely on our AI-powered Project Controls platform in the same way that drivers have learned to rely on satellite technology to prevent traffic accidents and slowdowns in front of them. Doxel handles monitoring for project teams, as mentioned by Ladha. It allows them to concentrate on fixing issues rather than identifying them.
Building owners and general contractors can find important risk indicators that pose a threat to their project before they are even aware that such risks exist, thanks to Doxel’s predictive analytics. Therefore, problems are not discovered by users until it is too late to truly fix them.
The assumption is that by the time possible risk factors identified. It is already too late to prevent cost overruns and project delays. Doxel has developed. What it refers to as a “Construction Encyclopedia” over the years with all the data it has amassed. Which aids in detecting those potential danger factors. According to Ladha, the company claims that its technology has helped its clients finish projects up to 11% under budget and experience an average 38% boost in productivity.
In order to give building owners and contractor predictability and control. Doxel’s platform uses a variety of real-time data sources on a project, such as 360-degree photos, Building Information Models (BIM), commonly known as 3D designs, as well as budget and schedule. The company’s aim is to prevent a domino effect of delays and increased expenses and aid building owners and contractors in staying on schedule and within their allocated budgets.
Most businesses, according to Ladha, do not eliminate all silos in the field, of accounting, and project schedule management. These three different organizations all function independently without bridging their own information silos. In addition to cost overruns, Ladha emphasized that the revenue loss caused by projects not being used in accordance with the plan is increasingly destructive. The longer it takes to complete a building, for instance. The less money a multifamily developer will get from renting or selling condos.
Doxel claims to have tracked tens of billions in capital expenditures for “a varied set” of Fortune 500 firms throughout time, including Royal Dutch Shell and Kaiser Permanente. Doxel asserts that its predictive technology has helped businesses save tens of millions of dollars.
Senior executives who regularly have to make judgments worth billions of dollars with little information are the users of Doxel. They must know if they are on schedule and within budget. Insight Partners’ managing director, Nikhil Sachdev, expressed his company’s excitement about the enormity of the problem Doxel is attempting to solve, as well as the company’s relationships with some of the biggest businesses in the world and their highly defendable AI-first software. Customer interviews revealed that before utilizing Doxel’s technology. They lacked a method for precisely predicting the state of their building projects in the future.
Senior executives who regularly have to make judgments worth billions of dollars with little information are the users of Doxel. They must know if they are on schedule and within budget. Insight Partners’ managing director, Nikhil Sachdev, expressed his company’s excitement about the enormity of the problem Doxel is attempting to solve, as well as the company’s relationships with some of the biggest businesses in the world and their highly defendable AI-first software. Customer interviews revealed that before utilizing Doxel’s technology. They lacked a method for precisely predicting the state of their building projects in the future.
About Doxel –
Doxel is an AI-powered project control system. Doxel provides teams with an objective view of their project today and a precise forecast of where it will be in the future by contextualizing enormous volumes of diverse project data from the site, BIM, schedule, and budget. Teams directed to the correct issues using machine-generated and prioritized risk analysis, helping them avoid cost overruns and schedule delays.
The company committed to assisting clients in realizing the greatest results on their building projects. The company backed by Insight Partners and Andreessen Horowitz, and with a growing team of programmers, artists, and business experts.
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