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 (

https://c212.net/c/link/?t=0&l=en&o=3460529-1&h=1722720564&u=https%3A%2F%2Fwww.openspace.ai%2F&a=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 (

https://c212.net/c/link/?t=0&l=en&o=3460529-1&h=1883686931&u=https%3A%2F%2Fwww.mckinsey.com%2Fbusiness-functions%2Foperations%2Four-insights%2Freinventing-construction-through-a-productivity-revolution&a=%2410+trillion+construction+market%2C

), 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 (

https://c212.net/c/link/?t=0&l=en&o=3460529-1&h=2357529110&u=https%3A%2F%2Fwww.openspace.ai%2Fproducts%2Fclearsight%2F&a=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