OpenSpace Extends Leadership in Reality Capture for Construction with $102M Series D Financing
PR94794
SAN FRANCISCO, March 3, 2022 /PRNewswire=KYODO JBN/ --
- Valued at $902M, OpenSpace continues to see widespread adoption in
construction and real estate at over 10,000 jobsites and with more than 7B
square feet captured
OpenSpace (
), the global leader in 360 degree jobsite capture and AI-powered analytics,
today announced a $102M Series D funding round led by PSP Growth, the venture
and growth equity arm of PSP Partners. As automated reality capture becomes
standard in construction, OpenSpace has seen industry-leading uptake of its
products and technology. Over the last year, the company has taken several
steps to meet growing demand, including expanding product offerings, widening
its international footprint, and branching out to new use cases.
Logo - https://mma.prnewswire.com/media/1334408/openspace_blue_Logo.jpg
This latest funding brings the total raised by OpenSpace in just the past year
to $157M, and will be used to continue scaling the business and to develop
additional AI-powered technologies. Led by PSP Growth, the round also includes
participation from several new investors, including funds and accounts managed
by BlackRock, as well as Alpaca VC, Fischer Homes, Harmonic Growth Partners,
Mirae Asset, and Sino Group. The round also includes significant participation
from existing investors Alkeon Capital Management, GreenPoint Partners, JLL
Spark, Lux Capital, Menlo Ventures, Navitas Capital, Nine Four Ventures, and
Taronga Ventures.
"From our vantage point of investing in and building enduring businesses in
both real estate and high-growth technology companies, we see OpenSpace as a
leader at the intersection of both these segments," said Penny Pritzker,
founder and chairman of PSP Partners and former U.S. Secretary of Commerce. "We
are incredibly bullish on the company's future and are excited to help fuel
their growth."
"After reviewing hundreds of construction technology businesses," said Momei
Qu, Managing Director of PSP Growth, "we know how rare it is to find a company
with OpenSpace's caliber of team, technology, and exceptional commercial
success."
Within the $10 trillion construction market (
), OpenSpace has found immediate product-market fit with its suite of products.
Revenues have doubled or tripled each year since its founding in 2017.
Customers have used OpenSpace on over 10,000 jobsites to-date, with over 500
started in the last month alone. More than 7B square feet of jobsite imagery
have been captured on the platform, creating one of the industry's largest
construction space data sets.
OpenSpace seamlessly integrates into the standard construction workflow.
Builders simply snap an off-the-shelf, consumer 360 degree camera to their
hardhat and walk the site as they normally would. Once the video is uploaded to
the cloud, OpenSpace's computer vision technology stitches images together and
pins all the images to the floor plan, creating a trusted, single source of
truth. OpenSpace makes it easy for project stakeholders to coordinate from any
location without having to be onsite, thereby reducing miscommunications,
saving travel time and costs, and providing a historical system of record of
the building.
OpenSpace has further expanded its product offerings beyond automated reality
capture to include modules like ClearSight Progress Tracking (
), which uses artificial intelligence to automatically measure the percent of
work completed for tasks like walls, mechanical, electrical, and more. It also
introduced last year OpenSpace Basic, a freemium offering, and 3D Scan to
capture with LiDAR-enabled iPhones and iPads.
"It's a tremendous accomplishment to build a 'must-have' platform within an
industry, especially one as massive as the global construction industry," said
Dave Yarnold, CEO Partner with Harmonic Growth Partners, and former CEO of
ServiceMax and VP Global Sales at SAP SuccessFactors. "Jeevan has assembled a
uniquely qualified team to pursue this opportunity, and I look forward to
working with them as they continue to scale the company."
"Builders have an incredibly important, incredibly difficult job -- our goal is
to make their lives easier and more efficient. We do so with technology that
augments and supports their work," said OpenSpace CEO and co-founder Jeevan
Kalanithi. "The strong adoption we've seen from the industry shows the desire
for this technology, and we're pleased to partner with investors who recognize
and support our mission to meet that demand. We're looking forward to
continuing to scale our platform to best serve the needs of builders across
industries, around the world."
About OpenSpace
Founded in 2017, OpenSpace is an AI technology company on a mission to bring
new levels of transparency and efficiency to construction and real estate. With
our platform, builders automatically capture a complete visual record of the
jobsite, providing a single source of truth that increases coordination, drives
accountability, and simplifies dispute resolution. To date, our customers have
used OpenSpace to capture more than seven billion square feet of imagery from
active construction projects across thousands of sites in over seventy-five
countries.
Contact:
openspace@bulleitgroup.com
SOURCE OpenSpace
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