Construction is one of the largest industries in the world, accounting for $10 trillion annually, about 13% of global GDP. But while productivity in adjacent industries has skyrocketed, productivity in the construction sector has remained flat.
A new company called Doxel, which today announced $4.5 million in funding and unveiled an artificial intelligence and computer-vision system for the construction industry, is betting it can change that. With backing from Andreessen Horowitz, Doxel has positioned itself to shake up an industry that has been slow to change over the last half-century.
Currently, the big problem managing construction projects is accurately predicting and measuring a single metric: labor productivity. While managers can easily tabulate how many hours a construction worker spends on a task, they don’t have an accurate measure of how much work is actually accomplished.