{"id":23834,"date":"2023-12-12T02:28:26","date_gmt":"2023-12-12T10:28:26","guid":{"rendered":"https:\/\/essential.construction\/news\/openspace-expands-its-strategic-capital-to-111m\/"},"modified":"2023-12-12T02:28:29","modified_gmt":"2023-12-12T10:28:29","slug":"openspace-expands-its-strategic-capital-to-111m","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/openspace-expands-its-strategic-capital-to-111m\/","title":{"rendered":"OpenSpace Expands Its Strategic Capital\u00a0to $111M"},"content":{"rendered":"

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OpenSpace<\/a>, a 360\u00b0 construction jobsite capture and AI-powered analytics company, has announced\u00a0US$9M\u00a0in additional strategic capital for its\u00a0Series D round. The latest funding brings the total capital raised to\u00a0US$111M.<\/p>\n

The investment comes from funds managed by existing investors Taronga Ventures<\/em> and GreenPoint Partners<\/em>. OpenSpace will use the to continue scaling the business and developing additional AI-powered technologies.<\/p>\n

In addition to this funding, OpenSpace has also welcomed experienced businessman\u00a0Alan Henricks<\/strong>\u00a0to the OpenSpace Board of Directors as an independent board director.<\/p>\n

54% of builders see tech as a solution to economic headwinds<\/h2>\n

OpenSpace helps builders, owners, and other stakeholders in the construction and real estate industries save time and money by providing a trusted record of site status throughout a project.<\/p>\n

Builders look to optimize their businesses to protect against potential economic headwinds. A recent\u00a0survey\u00a0<\/a>from OpenSpace found that 54% said they\u2019d look to technology as a solution, illustrating the strong growth path ahead.<\/p>\n

\u201cWe see continued growth potential in OpenSpace, especially in regions like APAC and the\u00a0Middle East, due to its ease of use, making it simple for customers to adopt and implement quickly,\u201d said\u00a0Avi Naidu<\/strong>, co-founder and managing partner of Taronga Ventures. \u201cOpenSpace is fast becoming an industry standard, and we\u2019re pleased that we can continue to support this growth.\u201d<\/p>\n

An AI-powered, snappy capture process<\/h2>\n

OpenSpace seamlessly integrates into the standard construction workflow, allowing builders to simply snap an off-the-shelf, consumer 360\u00b0 camera to their hardhat and walk the site as they usually would. Once the video from the walk is uploaded to the cloud, OpenSpace\u2019s computer vision technology stitches images together and pins all the images to the floor plan, creating a digital twin of the job site.<\/p>\n

OpenSpace makes the jobsite capture available in fifteen minutes on average, allowing project stakeholders to easily coordinate from any location without having to be onsite, thereby reducing miscommunications, saving travel time and costs, and providing a historical document of the building.<\/p>\n

You can use iPhone\u2019s LiDAR for 3D scans<\/h2>\n

OpenSpace\u2019s technology has expanded rapidly in the last year: the company has added more capture capabilities beyond 360\u00b0 images, including 3D scans from LiDAR-powered iPhones and iPads<\/em>. In addition, OpenSpace introduced ClearSight Progress Tracking: AI-powered trackers that can understand, classify and quantify what is in the image data, converting and mapping 360\u00b0\u00a0images into quantities of materials, percent complete.<\/p>\n

Since OpenSpace\u2019s founding in 2017, customers have used OpenSpace on more than 14,000 jobsites to date, topping\u00a010B\u00a0square feet of jobsite imagery captured on the platform.<\/p>\n

To learn more about OpenSpace and its additional funding, visit\u00a0https:\/\/www.openspace.ai\/<\/a>.<\/p>\n

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