Artificial Intelligence: OpenSpace, Which Monitors Job Sites, Raises $55M

https://dailyalts.com/wp-content/uploads/2021/04/Concrete_1.jpg

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                                               

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/05/person-731319_640.jpg
Digital Assets: Colonial Pipeline Caved; Paid $5M Ransom To Hackers
May 14, 2021     Digital Assets, News

Though initial reports said that Colonial Pipeline would not pay a ransom to the hackers that brought the nation’s largest fuel pipeline to a halt, Bloomberg reported Thursday that the…

https://dailyalts.com/wp-content/uploads/2021/05/hand-898232_640.jpg
Artificial Intelligence: A Molecule For Alzheimer’s Created By Exscientia’s AI Enters Clinical Trials

Oxford, UK-based Exscientia uses AI to design and create drug candidate molecules satisfying complex therapeutic requirements with revolutionary efficiency. Joint research by Exscientia with Sumitomo Dainippon Pharma Co., Ltd. (TYO:…

https://dailyalts.com/wp-content/uploads/2021/05/clothes-5371410_640.jpg
Venture Capital: Vinted, The Marketplace For Previously Owned Clothing, Raises $303M
May 13, 2021     News, Venture Capital

Vinted, a European startup that runs a marketplace for used clothing and home goods, announced its raise of $303 million at a valuation of $4.5 billion, post-money. That valuation is…

https://dailyalts.com/wp-content/uploads/2021/05/68479250_1154496388083970_3396968202243145728_n.jpg
FinTech: German Regulator BaFin Hauls Up N26 On Money Laundering Lapses
May 13, 2021     FinTech, News

On Wednesday, Germany’s Federal Financial Supervisory Authority (BaFin) ordered challenger bank N26 to implement appropriate internal controls and safeguards and comply with general due diligence requirements to prevent money laundering…