OpenSpace Expands Its Strategic Capital to $111M

OpenSpace, a 360° construction jobsite capture and AI-powered analytics company, has announced US$9M in additional strategic capital for its Series D round. The latest funding brings the total capital raised to US$111M.

The investment comes from funds managed by existing investors Taronga Ventures and GreenPoint Partners. OpenSpace will use the to continue scaling the business and developing additional AI-powered technologies.

In addition to this funding, OpenSpace has also welcomed experienced businessman Alan Henricks to the OpenSpace Board of Directors as an independent board director.

54% of builders see tech as a solution to economic headwinds

OpenSpace helps builders, owners, and other stakeholders in the construction and real estate industries save time and money by providing a trusted record of site status throughout a project.

Builders look to optimize their businesses to protect against potential economic headwinds. A recent survey from OpenSpace found that 54% said they’d look to technology as a solution, illustrating the strong growth path ahead.

“We see continued growth potential in OpenSpace, especially in regions like APAC and the Middle East, due to its ease of use, making it simple for customers to adopt and implement quickly,” said Avi Naidu, co-founder and managing partner of Taronga Ventures. “OpenSpace is fast becoming an industry standard, and we’re pleased that we can continue to support this growth.”

An AI-powered, snappy capture process

OpenSpace seamlessly integrates into the standard construction workflow, allowing builders to simply snap an off-the-shelf, consumer 360° camera to their hardhat and walk the site as they usually would. Once the video from the walk is uploaded to the cloud, OpenSpace’s computer vision technology stitches images together and pins all the images to the floor plan, creating a digital twin of the job site.

OpenSpace makes the jobsite capture available in fifteen minutes on average, allowing project stakeholders to easily coordinate from any location without having to be onsite, thereby reducing miscommunications, saving travel time and costs, and providing a historical document of the building.

You can use iPhone’s LiDAR for 3D scans

OpenSpace’s technology has expanded rapidly in the last year: the company has added more capture capabilities beyond 360° images, including 3D scans from LiDAR-powered iPhones and iPads. In addition, OpenSpace introduced ClearSight Progress Tracking: AI-powered trackers that can understand, classify and quantify what is in the image data, converting and mapping 360° images into quantities of materials, percent complete.

Since OpenSpace’s founding in 2017, customers have used OpenSpace on more than 14,000 jobsites to date, topping 10B square feet of jobsite imagery captured on the platform.

To learn more about OpenSpace and its additional funding, visit https://www.openspace.ai/.