Artificial intelligence and computer vision-based Doxel unveiled a new system aimed at boosting productivity in commercial construction projects. By utilizing autonomous devices to visually monitor a project, the system delivers updates on quality and progress, enabling project managers to more quickly react to mistakes and address overall inefficiencies.
The construction industry accounts for 13% of global GDP, or roughly $10 trillion per year, but according to a figure by McKinsey & Company 98% of large construction projects are 80% over budget and 20 months behind schedule. Saurabh Ladha, CEO and Co-Founder of Doxel, says that this problem comes from a lack of real-time visibility of progress and quality, leaving managers unable to improve productivity.
“Our turnkey solution literally tracks progress for hundreds of thousands of line items in project budgets and schedules, comparing actual performance to original plans. This is transformative for an entire capital project team,” stated Ladha. “With Doxel’s system in place, project managers can react in minutes, not months, increasing productivity by fifty percent and bringing in projects twenty-five percent under budget.”
At the heart of this technology is a breakthrough in computer vision software, allowing Doxel’s AI to view the world in 3D instead of 2D due to a new proprietary semantic algorithm. Using this algorithm to see the world through HD and LIDAR cameras, the AI processes the visual data, determines the quality of installations, quantifies how much of it was installed correctly, and reports this to project managers in real time.
Doxel based in California recently announced their receipt of a $4.5 million investment led by Andreessen Horowitz, with Alchemist Accelerator, Pear Ventures, SV Angel and Steelhead Ventures participating.
