Artificial Intelligence: OpenSpace, Which Monitors Job Sites, Raises $55M
OpenSpace captures and tracks construction progress remotely, a boon during the pandemic.
OpenSpace builds virtual time machines for construction sites that monitor and record job progress. The startup which uses AI, computer vision, video, and photographs to drive its software, has raised $55 million in a Series C round led by Alkeon. New investors included PSP Partners, Asia-focused real-estate tech investors GreenPoint Partners, and Hong Kong-based New World Development. (Business Insider)
Existing investors Lux Capital, Menlo Ventures, JLL Spark, and proptech specialists Navitas Capital and Zigg Capital also participated in the round. With the latest financing, the startup has raised a total of $88.3 million since its founding in 2016.
Construction progress in real-time with AI
The (unintended) fundraising came about after Alkeon Capital Management, a New York hedge fund and tech investor, showed interest in OpenSpace following its pandemic-triggered growth spurt. The client base of the company surged 150% in 2020, while usage of the software jumped 300%.
Using software, the company can also measure the overall progress of a construction project by comparing its physical status with the digital plan. The analysis can be broken down across vectors like date and time, floor level, or trade (electrical, mechanical, drywall, and more), giving managers an instant view into how much work has been completed, when, and where.
Construction personnel can also look for specific items on the site.
“We’re creating technology tools that augment builders’ capabilities so they can do more—better, faster, and with less stress,” said OpenSpace CEO and co-founder Jeevan Kalanithi. “The core product improves transparency and objectivity on projects by creating a single source of truth for site status. The new products analyze that data to massively cut down on the administrative work builders have to do, and generate insights that have just been too difficult to derive until now.”
Use of funds
OpenSpace will use the new money to expand into more international markets and further develop its ClearSight analytics suite to cover new functionalities such as safety management and quality control.
Related Story: Use Of AI To Monitor Construction Progress
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