Doxel raises $40 Mn in Series B led by Insight Partners to expand Team and AI Platform

Doxel

Doxel, a construction technology startup, has raised $40 million in a Series B funding round led by New York-based private equity fund Insight Partners. The funding round also saw the participation of existing investor’s — Andreessen Horowitz and Amplo in the new round.

The raised funds will be utilised by the computer vision powered predictive analytics solution provider to recruit newer talents in all required fields and to expand the artificial intelligence platform.

Founded in 2015 by Saurabh Ladha and Robin Singh, Doxel’s computer vision powered predictive analytics solution for construction allows owners and contractors to navigate issues before they occur.

The company’s released statement states that it helps customers save on money by deploying AI-powered project controls platforms to uncover costly delays and cost overruns on construction projects, just like a car driver who relies on satellite technology to avoid traffic.

Saurabh Ladha, Co-founder and CEO, Doxel, said that he could not disclose the valuation at which the capital was raised, but that it was “over a 4x multiple” from its $12 million Series A in early 2020. He described Series B as an “opportunistic raise.”

“We raised because we could, at a phenomenal valuation. The full series A is still in the bank. We didn’t touch it even. Our growth and bookings traction has actually been so high that we’ve been cash flow neutral in that period of time”, he said.

The start-up accesses a wide range of real-time data sources for a project such as 360-degree images, building information models (BIM) and budget and a system to provide predictability and control to building owners and contractors, it said.

“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,” explained Saurabh.

“Soon, it will seem unimaginable that buildings were ever built without Doxel,” said Nikhil Sachdev, Managing Director at Insight Partners.

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