San Francisco-based OpenSpace has raised US$15.9M in a Series B funding round in July 2020, led by Menlo Ventures along with Nine Four Ventures and Taronga Group, as well as existing investors Lux Capital, JLL Spark, Navitas Capital and Zigg Capital.
Capital raised will be used to meet the swiftly-growing demand for OpenSpace’s remote construction technology and ClearSight analytics platform. Menlo Ventures Partner Shawn Carolan will join the board.
OpenSpace uses an AI-based platform to help construction companies virtually survey their work sites. Construction is a very practical job, and OpenSpaces’ digital tools have the capability to make construction much more efficient. The startup claims to be a global leader in automated 360° photo documentation and analysis.
OpenSpace was founded in 2017 by qualified entrepreneurs and engineers Jeevan Kalanithi, Michael Fleischman and Philip DeCamp. Their technology enables site operators to get a 3D visualization of a construction site. This allows construction companies to track progress on projects. Its AI technology can also identify specific objects in a site, which can be used to locate important features like fire extinguishers, entry-exit signs, etc.
Since launching in 2018, OpenSpace customers have captured more than a billion square feet of jobsite pictures, using the platform’s simple computerized system. Builders attach a small 360° camera to their hardhat, mark their starting point on the OpenSpace App and then walk the site normally. The software automatically handles image capture. After the data is uploaded, it arranges the images, places them to the correct location on the floor plan and joins them together, with no extra manual input needed. Customers can virtually map a site, see how sites have changed over time, add notes and change requests, compare site photos side-by-side with their BIM and more.
OpenSpace users typically get results in 15 minutes, compared to hours or even days with other platforms. The startup recently launched ClearSight, a new set of analytics tools, which include AI-powered features like Object Search and Progress Tracking.
OpenSpace proves to be a real blessing in the ongoing COVID-19 situation, as workers don’t need to be present at the construction site to know the happenings, while also staying at home and increasing the productivity of construction companies. Overall, revenue has increased 500 percent in the past 12 months. This increased demand is what led the company to pursue another round of funding. The new funding is going to help the company to build out new tools for its platform. They are also planning to increase the headcount of its engineering, marketing, sales and design teams.
Jeevan Kalanithi, OpenSpace’s CEO and co-founder was quoted to have said, “At OpenSpace, 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. Builders play a critical role in our society and we frankly too often take them for granted. We’re proud to help make their jobs easier, whether that’s by automating site documentation or by offering analytics about job progress.”
The startup said in a statement, “We believe that builders, empowered with data-backed analytics, will be able to make more informed site decisions to increase efficiency, decrease costs, promote worker safety and achieve other goals.” OpenSpace’s technology is used by industries in over 30 countries. Its roster of clients includes Capital One, JLL, Lee Kennedy, Suffolk, Tishman Speyer among many more.
The startup had previously raised US $14M in Series A funding in 2019 which brings the total capital raised to US$ 33.3M to date.
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