New funding is from funds managed by existing investors Taronga Ventures and GreenPoint Partners; Company also welcomes veteran independent board member Alan Henricks to join Board of Directors
SAN FRANCISCO, Aug. 10, 2022 /PRNewswire/ — OpenSpace, the global leader in 360° jobsite capture and AI-powered analytics, today announced US$9M in additional strategic capital for its Series D round, bringing the total raised to US$111M. The investment comes from funds managed by existing investors Taronga Ventures and GreenPoint Partners, spotlighting OpenSpace’s exciting opportunities to expand into new markets and use cases. The investment will be used to continue scaling the business and developing additional AI-powered technologies.
"We see continued growth potential in OpenSpace, especially in regions like APAC and the Middle East, due to its ease of use, making it simple for customers to adopt and implement quickly," said Avi Naidu, co-founder and managing partner of Taronga Ventures. "OpenSpace is fast becoming an industry standard, and we’re pleased that we can continue to support this growth."
Amid market turbulence and a decrease in most venture capital funding, this additional investment demonstrates OpenSpace’s strong position as an industry leader. OpenSpace helps builders, owners, and other stakeholders in the construction and real estate industries save time and money by providing a trusted record of site status over the course of a project. As builders look to optimize their businesses to protect against potential economic headwinds, a recent survey from OpenSpace found that 54% said they’d look to technology as a solution, illustrating the strong growth path ahead.
Canada’s Public Sector Pension Investment Board (PSP Investments) and Ivanhoé Cambridge co-invested in OpenSpace through GreenPoint Partners’ Technology Fund I. "We are continuously impressed by OpenSpace’s organic adoption across major real estate developers and owners," said Chris Green, CEO of GreenPoint. "It is a testament to the company’s invaluable construction optimization and centralization capabilities. We’re thrilled to provide our LPs access to best-in-class technology, which they can both leverage across their portfolios and help identify new product expansion opportunities."
OpenSpace seamlessly 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. OpenSpace 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. OpenSpace’s technology has expanded rapidly in the last year: the company has added 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 OpenSpace 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 has also welcomed 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, Alan will bring his strong financial background to OpenSpace. He 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.
"Alan will help propel OpenSpace to our next phase of growth and success," said OpenSpace CEO and co-founder Jeevan Kalanithi. "His impressive track record of helping companies scale speaks for itself, and we’re looking forward to benefiting from his expertise and partnership with companies like ours."
To learn more about OpenSpace and their additional funding, visit https://www.openspace.ai/.
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 ten billion square feet of imagery from active construction projects across thousands of sites in over seventy-six countries.