OpenSpace, a San Francisco, CA-based jobsite capture and AI-powered analytics platform provider, raised US$9M in additional strategic capital for its Series D round, bringing the total raised to US$111M.
Backers included existing investors Taronga Ventures and GreenPoint Partners.
The company intends to use the funds to continue scaling the business and developing additional AI-powered technologies.
Led by CEO and co-founder Jeevan Kalanithi, OpenSpace helps builders, owners, and other stakeholders in the construction and real estate industries save time and money by providing a record of site status over the course of a project. The system integrates into the standard construction workflow, allowing builders to simply snap an off-the-shelf, consumer 360° camera to their hardhat and walk the site as they normally would. Once the video from the walk is uploaded to the cloud, OpenSpace’s computer vision technology stitches images together and pins all the images to the floor plan, creating a digital twin of the jobsite. It makes the jobsite capture available in fifteen minutes on average, allowing project stakeholders to easily coordinate from any location without having to be onsite, thereby reducing miscommunications, saving travel time and costs, and providing a historical document of the building. The technology has expanded rapidly in the last year with the company adding more capture capabilities beyond 360° images, including 3D scans from LiDAR-powered iPhones and iPads. In addition, OpenSpace introduced ClearSight Progress Tracking: AI-powered trackers that can understand, classify and quantify what is in the image data, converting and mapping 360° images into quantities of materials, percent complete. Since OpenSpace’s founding in 2017, customers have used the solution on more than 14,000 jobsites to-date, topping 10B square feet of jobsite imagery captured on the platform.
In addition to this funding, OpenSpace added experienced businessman Alan Henricks to the OpenSpace Board of Directors, as an independent board director. With experience serving on the boards of Roku, Model N, and Ellie Mae, among others, he will bring his strong financial background to OpenSpace. Henricks has an extensive background in helping companies scale and become market leaders, having served as a CFO or consulting CFO for companies including Ring, Tile, and Borland Software, leading multiple companies through acquisitions or IPOs throughout his career. He joins board members Jeevan Kalanithi, Michael Fleischman, Bilal Zuberi, Shawn Carolan, and board observers Mark McLaughlin and Momei Qu.
FinSMEs
10/08/2022