OpenSpace s Construction Image Tech Startup Receives $55 Million Investment
Using advanced technologies like computer vision and 3D modeling, OpenSpace’s AI system automatically maps images to project plans with no manual corrections or location pinning necessary.
May 4th, 2021
OpenSpace
OpenSpace, a construction technology startup, has received $55 million in a Series C investor funding round and has rolled out its new ClearSight Progress Tracking platform. The company combines 360° cameras, computer vision and artificial intelligence to capture a complete visual record of job sites that can be shared on the cloud and used to track project progress.
The funding round was led by Alkeon Capital Management and includes PSP Partners, GreenPoint Partners and New World Development, as well as returning investors Lux Capital, Menlo Ventures, JLL Spark, Navitas Capital and Zigg Capital.
OpenSpace, the global leader in 360° construction photo
documentation and analysis, today announced a $55 million Series C funding
round, led by Alkeon Capital Management.
Additional participants in the round include PSP Partners,
GreenPoint Partners and New World Development, as well as returning investors
Lux Capital, Menlo Ventures, JLL Spark, Navitas Capital and Zigg Capital.
The funding comes as the company expands access to the
ClearSight Progress Tracking platform to its full customer base.
Over the past year, accelerated global adoption of
digitization and remote work has fueled growth for OpenSpace, which has seen
revenue triple, customer count increase by more than 150 percent, and customer
OpenSpace
OpenSpace announced that it has raised a $50 million Series C funding round.
A former commerce secretary invested as part of the round, led by hedge fund Alkeon Capital Management.
The construction tech company said it saw a 150% growth in customers last year.
OpenSpace CEO Jeevan Kalanithi wasn t planning to raise any more money after a fundraising effort last year netted the company $15.9 million.
The Series B round in July 2020 helped the company hone and expand the use of its software, which uses video to help contractors, architects, and developers track the progress of under-construction buildings remotely.
But then pandemic brought in even more customers who wanted to monitor construction sites from afar via photos, videos, and artificial intelligence.