9 August 2022, San Francisco ; A USD 9M in additional strategic funding for its Series D round was disclosed by AI platform startup OpenSpace, the world leader in 360-degree worksite capture and AI-powered analytics, increasing the total raised to USD 111M.
The funding for the venture comes from assets managed by Taronga Ventures and GreenPoint Partners, highlighting the potential possibilities for OpenSpace to grow into new markets and use cases. The funding will be used to expand the company’s operations and create new AI-powered innovations.
This new investment underscores OpenSpace’s solid position as an industry leader amid market uncertainty and a decline in most venture capital funding. By offering a reliable record of site status over the length of a project, OpenSpace assists builders, owners, and other stakeholders in the construction and real estate industries in saving time and money. A recent survey by OpenSpace indicated that 54% of builders said they would seek technology as a solution as they try to optimize their operations to guard against future economic headwinds, demonstrating the strong growth path ahead.
Co-founder and managing partner of Taronga Ventures, Avi Naidu says:
” We anticipate continued growth potential in OpenSpace, especially in markets like APAC and the Middle East, due to its ease of use, making it simple for consumers to adopt and implement fast. We are very happy that we can continue to support this expansion.”
Along with receiving this money, OpenSpace also recruited seasoned businessman Alan Henricks as an independent board director to the board. Alan will bring his strong financial background to OpenSpace and has experience serving on the boards of Roku, Model N, and Ellie Mae, among others.
Alan will assist OpenSpace reach its next stage of development and prosperity, according to co-founder and CEO Jeevan Kalanithi:
“His impressive track record of assisting businesses in scaling speaks for itself, and we look forwards to utilizing his knowledge and collaboration with businesses like ours.”
OpenSpace, an AI technology firm founded in 2017, is on a quest to revolutionize the openness and effectiveness of the building and real estate industries.
Builders using our platform instantly record every detail of the jobsite in visual form, creating a single source of truth that improves collaboration, promotes accountability, and streamlines dispute resolution. More than 10 billion square feet of footage from ongoing building projects have been collected by our customers using OpenSpace to far, from thousands of sites spread across more than 76 nations.
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