- Valued at $902M, OpenSpace continues to see widespread adoption in 
construction and real estate at over 10,000 jobsites and with more than 7B 
square feet captured

OpenSpace ( 
https://c212.net/c/link/?t=0&l=en&o=3460529-1&h=1722720564&u=https%3A%2F%2Fwww.openspace.ai%2F&a=OpenSpace 
), the global leader in 360 degree jobsite capture and AI-powered analytics, 
today announced a $102M Series D funding round led by PSP Growth, the venture 
and growth equity arm of PSP Partners. As automated reality capture becomes 
standard in construction, OpenSpace has seen industry-leading uptake of its 
products and technology. Over the last year, the company has taken several 
steps to meet growing demand, including expanding product offerings, widening 
its international footprint, and branching out to new use cases.

Logo - https://mma.prnewswire.com/media/1334408/openspace_blue_Logo.jpg  

This latest funding brings the total raised by OpenSpace in just the past year 
to $157M, and will be used to continue scaling the business and to develop 
additional AI-powered technologies. Led by PSP Growth, the round also includes 
participation from several new investors, including funds and accounts managed 
by BlackRock, as well as Alpaca VC, Fischer Homes, Harmonic Growth Partners, 
Mirae Asset, and Sino Group. The round also includes significant participation 
from existing investors Alkeon Capital Management, GreenPoint Partners, JLL 
Spark, Lux Capital, Menlo Ventures, Navitas Capital, Nine Four Ventures, and 
Taronga Ventures.

"From our vantage point of investing in and building enduring businesses in 
both real estate and high-growth technology companies, we see OpenSpace as a 
leader at the intersection of both these segments," said Penny Pritzker, 
founder and chairman of PSP Partners and former U.S. Secretary of Commerce. "We 
are incredibly bullish on the company's future and are excited to help fuel 
their growth."

"After reviewing hundreds of construction technology businesses," said Momei 
Qu, Managing Director of PSP Growth, "we know how rare it is to find a company 
with OpenSpace's caliber of team, technology, and exceptional commercial 
success."

Within the $10 trillion construction market ( 
https://c212.net/c/link/?t=0&l=en&o=3460529-1&h=1883686931&u=https%3A%2F%2Fwww.mckinsey.com%2Fbusiness-functions%2Foperations%2Four-insights%2Freinventing-construction-through-a-productivity-revolution&a=%2410+trillion+construction+market%2C 
), OpenSpace has found immediate product-market fit with its suite of products. 
Revenues have doubled or tripled each year since its founding in 2017. 
Customers have used OpenSpace on over 10,000 jobsites to-date, with over 500 
started in the last month alone. More than 7B square feet of jobsite imagery 
have been captured on the platform, creating one of the industry's largest 
construction space data sets.

OpenSpace seamlessly integrates into the standard construction workflow. 
Builders simply snap an off-the-shelf, consumer 360 degree camera to their 
hardhat and walk the site as they normally would. Once the video is uploaded to 
the cloud, OpenSpace's computer vision technology stitches images together and 
pins all the images to the floor plan, creating a trusted, single source of 
truth. OpenSpace makes it easy for project stakeholders to coordinate from any 
location without having to be onsite, thereby reducing miscommunications, 
saving travel time and costs, and providing a historical system of record of 
the building.

OpenSpace has further expanded its product offerings beyond automated reality 
capture to include modules like ClearSight Progress Tracking ( 
https://c212.net/c/link/?t=0&l=en&o=3460529-1&h=2357529110&u=https%3A%2F%2Fwww.openspace.ai%2Fproducts%2Fclearsight%2F&a=ClearSight+Progress+Tracking 
), which uses artificial intelligence to automatically measure the percent of 
work completed for tasks like walls, mechanical, electrical, and more. It also 
introduced last year OpenSpace Basic, a freemium offering, and 3D Scan to 
capture with LiDAR-enabled iPhones and iPads.

"It's a tremendous accomplishment to build a 'must-have' platform within an 
industry, especially one as massive as the global construction industry," said 
Dave Yarnold, CEO Partner with Harmonic Growth Partners, and former CEO of 
ServiceMax and VP Global Sales at SAP SuccessFactors. "Jeevan has assembled a 
uniquely qualified team to pursue this opportunity, and I look forward to 
working with them as they continue to scale the company."

"Builders have an incredibly important, incredibly difficult job -- our goal is 
to make their lives easier and more efficient. We do so with technology that 
augments and supports their work," said OpenSpace CEO and co-founder Jeevan 
Kalanithi. "The strong adoption we've seen from the industry shows the desire 
for this technology, and we're pleased to partner with investors who recognize 
and support our mission to meet that demand. We're looking forward to 
continuing to scale our platform to best serve the needs of builders across 
industries, around the world."

About OpenSpace
Founded in 2017, OpenSpace is an AI technology company on a mission to bring 
new levels of transparency and efficiency to construction and real estate. With 
our platform, builders automatically capture a complete visual record of the 
jobsite, providing a single source of truth that increases coordination, drives 
accountability, and simplifies dispute resolution. To date, our customers have 
used OpenSpace to capture more than seven billion square feet of imagery from 
active construction projects across thousands of sites in over seventy-five 
countries.

Contact:
openspace@bulleitgroup.com

SOURCE  OpenSpace