OpenSpace’s AI-powered construction documentation technology
OpenSpace is a San Francisco, California-based construction technology firm performing automated photo documentation and analysis.
The company’s offering combines 360° cameras with computer vision and AI to create full records of job sites, automatically stitching them together and associating them with floor plans.
The company’s OpenSpace platform, meanwhile, allows for the tracking of progress remotely via the cloud.
It says its customers have used its technology to capture over a billion square feet of construction projects across 30 countries.
Since its foundation in 2017, the company has raised over $33mn. Its latest Series B round, announced at the beginning of last week, raised $16mn from lead investor Menlo Ventures, alongside Zigg Capital, Taronga Group, Nine Four Ventures, Navitas Capital, Lux Capital and JLL Spark.
In a press release, Jeevan Kalanithi, OpenSpace’s CEO and co-founder, 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 company said it would use the funding to meet demand for its remote construction technology and analytics platform.
“As active investors in companies that transform the construction industry through deep tech, Menlo recognizes OpenSpace as the market leader providing ‘photographic memory’ of construction sites and enabling remote collaboration that other industries have long taken for granted,” said Menlo Ventures Partner Shawn Carolan. “With automated site capture, fast data processing, and now deeper analytics, OpenSpace wraps deep technology in a simple package. The strength of their technology and team, led by Jeevan Kalanithi, quickly established them as the market leader.”
