OpenSpace Lands US$15.9M Series B For Construction Tech
Author – Christine Hall – Crunchbase News 27/07/2020
Construction tech startup OpenSpace raised US$15.9 million in Series B funding, led by Menlo Ventures, the company said Monday.
The new investment also included Nine Four Ventures and Taronga Group, as well as existing investors Lux Capital, JLL Spark, Navitas Capital and Zigg Capital. Including the Series B, the San Francisco-based company has raised a total of US$33 million, according to the company.
As part of the investment, Menlo Ventures Partner Shawn Carolan will join the board.
We covered OpenSpace back in August 2019, when it raised a US$14 million Series A round of funding. In the past year, the company said it’s grown 500 percent in year-over-year revenue, buoyed by strong customer adoption by customers in 30 countries. It has developed an imaging and AI-driven platform providing 360-degree visibility for construction sites.
How it works
Here’s a breakdown of how the OpenSpace model functions: builders begin by attaching a small camera to their hardhats and walk around a construction site.
OpenSpace “passively captures” imagery in the background. Per the company, that imagery data is then uploaded to the cloud, “where OpenSpace’s algorithms map the photos to project plans and stitch them together, creating a visual representation of the site similar in style to Google Street View.” The data then accumulates over time, so that builders have the ability to review site conditions from as early as a day before or even years prior.
“We believe that the future of real estate and construction will include more remote collaboration and review, saving on time and travel by bringing the jobsites to the experts, instead of the other way around,” said Jeevan Kalanithi, OpenSpace’s co-founder and CEO, in a written statement.
“Builders play a critical role in our society, and we frankly too often take them for granted,” he said. “We’re proud to help make their jobs easier, whether that’s by automating site documentation or by offering analytics about job progress.”