Artificial Intelligence: Use Of AI To Monitor Construction Progress

October 19, 2020 | Artificial Intelligence, News
https://dailyalts.com/wp-content/uploads/2020/10/screenshot-buildots.com-2020.10.19-15_38_42.png

AI and image recognition software help construction sites in Europe flag errors or delays.

Buildots launched in 2018 to turn construction sites into digitized environments using computer vision and artificial intelligence (AI). Projects are ever-expanding and often just a handful of managers are responsible for their supervision. A small error or delay can jeopardize the critical path for the project to complete on time and within cost. However, Buildots’ technology can help manage all that complexity and detail. (MIT Technology Review)

High stakes

According to McKinsey, the construction industry loses $1.6 trillion annually to on-site mismanagement. The most plausible reason – it’s humanly impossible to control the sheer volume of data on a large construction site – something is bound to fall between the cracks and not be noticed until it’s too late.

Buildots, a British-Israeli startup, was inspired by the way many high tech factories used AI to finetune their processes. Why not for construction?

The firm developed an image recognition system to analyze video footage and automatically throw up areas needing attention.

How it works

The construction managers need to upload the most recent construction schedule and designs into the platform.

Buildots thereafter automatically analyses and maps all files. It then produces a detailed digital construction program that the system will henceforth track.

Buildots installs GoPro cameras on the hard hats of workers and managers that capture details of the site as they walk around it.

The company’s proprietary algorithms automatically analyze all these video feeds and pinpoint the current status of each activity. The algos juxtapose this alongside the target completion schedule to highlight the differences.

According to Roy Danon, founder and CEO, the Buildots system can monitor the status of as many as 150,000 objects several times a week.

UK construction giant Wates is using the platform at some of its sites already.

“It captures data without the need to walk the site with spreadsheets or schedules,” says Glen Roberts, operations director at Wates.

Related Story:  Got Procrastination? Get Help From These AI-Powered Glasses

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/11/mockup-5288033_640.jpg
Alternative Investments: Accelerate Launches An ETF For Alternative Assets
November 25, 2020     Alternative Investments, News

Accelerate Financial Technologies launched its OneChoice Alternative Model Portfolio in September. Aimed at hard-pressed advisors and portfolio managers, the strategy offered a quick and easy way to put together a…

https://dailyalts.com/wp-content/uploads/2020/11/bitcoin-4852534_640.jpg
Digital Assets: Japanese Financial Group SBI Launches Crypto Lending
November 25, 2020     Digital Assets, News

SBI Group (TYO: 8473) is launching a crypto lending service through SBI VC Trade, its crypto-focused exchange subsidiary. SBI said it will initially allow customers to tender only bitcoin (BTC),…

https://dailyalts.com/wp-content/uploads/2020/11/screenshot-www.hippo_.com-2020.11.25-17_21_34.jpg
FinTech: Hippo Insurance Gets $350M Funding From Mitsui Sumitomo Insurance
November 25, 2020     FinTech, News, Venture Capital

Hippo, the home insurance unicorn, announced Tuesday an investment of $350 million from Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc. In July, Hippo raised…

https://dailyalts.com/wp-content/uploads/2020/11/carrots-4545665_640.jpg
Venture Capital: Astanor Ventures Launches $325M Fund For Impact Investing in Agtech

Based in Luxembourg, Astanor Ventures combines capital, technology, and sector expertise to invest in businesses that build regenerative, scalable, and nourishing food solutions. Using this philosophy, Astanor has invested in…