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OpenSpace, a platform that helps construction companies track building projects through AI-powered analytics and 360-degree photo documentation, has raised $55 million in a series C round of funding led by Alkeon Capital Management.
The raise comes amid a cross-industry digital transformation boom, spurred in large part by the pandemic. Construction has often lagged behind other sectors in terms of efficiency, but tech such as robotics, artificial intelligence (AI), and remote collaboration tools has helped get the $11 trillion industry back on track.
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Founded out of San Francisco in 2017, OpenSpace leans on AI to create 360-degree photos of construction sites that are captured by builders or site managers who traverse an area with cameras strapped to their hats. All the imagery is sent to the cloud, where computer vision and machine intelligence tools arrange, stitch, and map the capture visuals to the associated project plans. It’s all about documenting activities on each site so stakeholders can check on progress remotely or resolve discrepancies by reviewing a visual history of the project.
Above: OpenSpace: site comparisons
OpenSpace also offers AI-powered analytics, including a “progress tracking” feature that uses computer vision to analyze site images and automatically figure out how much of the scheduled work has been completed. Elsewhere, “object search” enables site managers to select an object from a scene and find similar objects elsewhere on the site.
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Above: OpenSpace: object search
Other notable players in the space include SiteAware and Buildots, both of which have raised sizable VC investments over the past nine months, highlighting the growing demand for digital technologies in the construction space.
OpenSpace had previously raised around $34 million, including a $15.9 million series B round last July. With its latest cash injection, the company is ready to capitalize on its rapid growth over the past year, when it claims revenue tripled and its customer count rose by 150%. With another $55 million in the bank, OpenSpace said it will double down on its suite of analytics products and expand into areas such as safety management and quality control.
