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BuildOps Raises $127 Million, Reaches $1 Billion Valuation Amid Strong Demand for AI Software

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BuildOps, a provider of AI-powered software solutions for commercial contractors, announced on Friday that it has raised $127 million in a Series C funding round, bringing its valuation to $1 billion. This round was led by Meritech Capital Partners, with participation from new investors such as Schneider Electric’s SE Ventures and BOND Capital, as well as existing investors Fika Ventures and Next47.

The company, which has seen tremendous growth, offers a consolidated platform that helps contractors manage accounts, customer relationships, and operations. BuildOps has benefited from the rise of AI technology, which allows contractors to gain insights into their operations, enabling them to proactively manage costs and avoid costly project overruns.

“We’re giving the modern contractor access to data and insights to predict issues like cost overruns before they happen,” said John Laino, Chief Operating Officer. “This proactive approach is a game-changer compared to the traditional method, where contractors would only find out about issues months into a project.”

BuildOps has been growing at a rate of 100% annually and expects this rapid growth to continue in the near term. CEO Alok Chanani emphasized that while the company is not focused on profitability at this stage, its priority is scaling its operations and investing in research and development.

Looking ahead, Chanani mentioned that going public is part of BuildOps’ long-term strategy, but no timeline was specified. Additionally, the company plans to pursue strategic acquisitions, as evidenced by its 2023 purchase of PWSWARE, the parent company of Perfectware Solutions, to expand its capabilities.

Baidu Denies Data Breach Amid Controversy Over Executive’s Daughter

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Baidu, one of China’s largest search and cloud service providers, has denied allegations of an internal data breach after the teenage daughter of a senior executive was accused of posting personal information online. The controversy erupted when social media users alleged that the daughter of Baidu vice president Xie Guangjun had leaked private details, including phone numbers, during an online dispute.

In response, Baidu stated that neither employees nor executives have access to user data and that the leaked information originated from illegally obtained databases hosted on foreign platforms. The company also announced that it had filed a police report to counter misinformation, including claims that Xie’s daughter had access to Baidu’s databases.

Xie, a member of Baidu’s cloud division, apologized for his daughter’s actions, asserting that she had acquired the data from overseas social media sites. His statement, reported by Chinese media, was shared on his personal WeChat account.

The incident comes as China tightens data security laws to curb the sale of private information, an issue exacerbated by illicit data brokers. The controversy has impacted Baidu’s stock performance, with shares dropping over 4% in Hong Kong trading on Thursday morning.

UK and US Engage in Private Talks to Resolve Apple Encryption Dispute

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British officials have been in private discussions with U.S. counterparts to resolve concerns surrounding the UK’s demand that Apple build a backdoor into its encrypted data, according to a Bloomberg News report on Thursday. This follows Apple’s decision last month to remove its Advanced Data Protection security feature for cloud data in the UK, a move that has raised concerns about the potential for government access to sensitive information.

The removal of this encryption feature allows Apple to access iCloud backups, including iMessages, in specific situations, which it can then hand over to authorities if legally required. Previously, with end-to-end encryption enabled, even Apple itself could not access users’ data. This shift marks a significant response to government demands for easier access to encrypted user data.

The UK’s Home Office and Apple have not responded to requests for comment. Governments and tech giants have long been in a standoff over strong encryption, with authorities often viewing it as an obstacle to surveillance and crime-fighting. However, the UK’s demands are seen as particularly expansive.

In response to the situation, U.S. officials are investigating whether the UK’s actions violate agreements between the two countries. A letter sent on February 25 by U.S. Director of National Intelligence Tulsi Gabbard indicated that the U.S. is examining whether the UK violated the CLOUD Act, which restricts foreign governments from making requests for data on U.S. citizens.

On Friday, Apple’s appeal against the UK’s order will be heard in a secret hearing at London’s High Court