- OpenSpace recently announced it raised $102 million in Series D funding at a $902 million valuation. These are the details.
OpenSpace – the global leader in 360-degree jobsite capture and AI-powered analytics – recently announced a $102 million 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 round brings the total raised by OpenSpace in just the past year to $157 million. And the funding will be used to continue scaling the business and to develop additional AI-powered technologies. Led by PSP Growth, the funding 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. Plus the funding 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.
Within the $10 trillion construction market, OpenSpace has found an immediate product-market fit with its suite of products. And 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. Over 7 billion 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. And 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, the company’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 such as ClearSight Progress Tracking, which uses artificial intelligence to automatically measure the percent of work completed for tasks like walls, mechanical, electrical, and more. And it also introduced last year OpenSpace Basic, a freemium offering, and 3D Scan to capture with LiDAR-enabled iPhones and iPads.
KEY QUOTES:
“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. 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.”
— OpenSpace CEO and co-founder Jeevan Kalanithi
“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. We are incredibly bullish on the company’s future and are excited to help fuel their growth.”
— Penny Pritzker, founder and chairman of PSP Partners and former U.S. Secretary of Commerce
“After reviewing hundreds of construction technology businesses. We know how rare it is to find a company with OpenSpace’s caliber of team, technology, and exceptional commercial success.”
— Momei Qu, Managing Director of PSP Growth
“It’s a tremendous accomplishment to build a ‘must-have’ platform within an industry, especially one as massive as the global construction industry. 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.”
— Dave Yarnold, CEO Partner with Harmonic Growth Partners, and former CEO of ServiceMax and VP Global Sales at SAP SuccessFactors
