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OpenSpace Lands $16M Series B For Construction Tech

Construction tech startup raised $15.9 million in Series B funding, led by , the company said Monday.

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The new investment also included and , as well as existing investors , , and . Including the Series B, the San Francisco-based company has raised a total of $33 million, according to the company.

As part of the investment, Menlo Ventures Partner will join the board.

We covered OpenSpace back in August 2019, when it raised a $14 million Series A round of funding. In the past year, the company said it鈥檚 grown 500 percent in year-over-year revenue, buoyed by strong customer adoption by customers in 30 countries. It has developed an imaging and AI-driven platform providing 360-degree visibility for construction sites.

How it works

Here鈥檚 a breakdown of how the OpenSpace model functions: builders begin by attaching a small camera to their hardhats and walk around a construction site.

OpenSpace 鈥減assively captures鈥 imagery in the background. Per the company, that imagery data is then uploaded to the cloud, 鈥渨here OpenSpace鈥檚 algorithms map the photos to project plans and stitch them together, creating a visual representation of the site similar in style to Google Street View.鈥 The data then accumulates over time, so that builders have the ability to review site conditions from as early as a day before or even years prior.

“We believe that the future of real estate and construction will include more remote collaboration and review, saving on time and travel by bringing the jobsites to the experts, instead of the other way around,” said , OpenSpace’s co-founder and CEO, in a written statement.

“Builders play a critical role in our society, and we frankly too often take them for granted,鈥 he said. 鈥淲e’re proud to help make their jobs easier, whether that’s by automating site documentation or by offering analytics about job progress.”

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