OpenSpace Extends Leadership in Reality Capture for Construction with $102M Series D Financing
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
SAN FRANCISCO, March 2, 2022 /PRNewswire/ — OpenSpace, the global leader in 360° 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.
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° 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.
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