Earlier this week, BuiltUp Ventures revealed a significant investment in OKIBO, an Israeli contech startup that's creating its robotic automation solutions to address challenges like skilled labor shortages. OKIBO's robots are "designed for the harsh conditions of a construction site," the companies said in a joint statement announcing the deal, with 3D scanning, autonomous path planning, and USPTO-approved real time modeling technology. Its first product is a drywall finishing robot performing plastering, sanding and painting.

A shortage of skilled labor has had major ramifications for the construction industry: in the 2020 AGC survey, 57% of respondents cite the skilled labor shortage as the biggest challenge to worker health and safety, while 44% of companies say project costs have been higher and another 40% say projects are taking longer to complete.

Investor interest in automation skyrocketed during the pandemic, which highlighted the fragility of global supply chains.