The construction industry has a slow payments problem. Studies have found that it takes anywhere from two to three months on average for construction companies to get paid, due to factors such as delays, multiple payment layers and cost overruns. The cost of sluggish construction contract payments climbed to $ 273 billion in 2023, representing […]
Intel Capital backs AI construction startup that could boost Intel’s own manufacturing prospects
Intel could be giving its burgeoning foundry ambitions a much-needed shot in the arm, as the chip giant’s venture capital arm today revealed that it’s making a “strategic” investment in an Israel- and U.K.-based AI construction startup. Intel Capital is leading a $ 15 million investment into Buildots, a company that uses AI and computer […]
Sensorita uses digital twins to help waste management companies streamline construction waste
The amount of waste produced by the construction industry adds up to more than a third of the overall waste produced each year in the European Union. And it’s no better in the U.S. Stateside, the construction industry produces more than double the waste that households do each year. Sensorita wants to help the construction […]
SM Entertainment Is Getting Sued Over Unpaid Construction Costs
SM Entertainment (SM hereon) is in legal trouble in Los Angeles, California, over unpaid construction project costs. | SM Entertainment In 2019, SM announced its plans to build an entertainment venue in LA called SMTOWN LA, which was supposed to be a milestone project to mark the company’s definitive arrival in the international market. About […]
Is building an ecosystem the way forward for construction tech startups in LatAm?
Digital transformation has disrupted many sectors, but construction isn’t one of them. At least not yet, and there are a number of startups trying to become the first to pull it off. But the sector, especially in developing regions like Latin America, has a plethora of problems that need addressing. Infrastructure lags the needs of […]