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A Milestone Moment: Announcing our Series D Funding

By Jennifer Toton

March 2, 2022

OpenSpace Series D

We’re thrilled to be embarking on our next chapter of growth today with the announcement of our $102M Series D funding. It’s hard to believe that OpenSpace was founded only five short years ago. In that time, we’ve gone from our first proof-of-concept ideas to deploying on a handful of early adopter sites, to recently crossing the 10,000-site threshold. Our primary goal has never been about building the next unicorn (although it’s great to reach that stage!), it’s been about making easy-to-use products that truly improve the lives of builders. Between the adoption we’ve seen in the industry and the confidence we’ve seen from our investors, we’re proud to have created a platform that can effectively solve real pain points on a massive scale.

There are many exciting milestones we’ve crossed this last year:

  • We now count 7B square feet of site imagery captured across 76 countries.
  • We see over 500 new job sites added to OpenSpace every month.
  • We’ve expanded OpenSpace Track to include even more trackers, like concrete, mechanical, and more.
  • We’ve unveiled 3D Scan so that customers with LiDAR-enabled iPhones and iPads can create measurable three-dimensional scans of their sites. 
  • We’ve enabled hybrid construction (part in-person, part remote) collaboration—something more than 90% of customers surveyed say is here to stay.

With reality capture becoming mainstream, we’re thrilled to have support from such a deep and experienced bench of investors as we continue to scale alongside industry demand. From former U.S. Secretary of Commerce Penny Pritzker at PSP Partners, who led our latest round, to our earliest backers like Lux Capital, to customers-turned-investors like JLL Spark, to other leaders in this space like Alkeon Capital Management, Alpaca VC, BlackRock, Fischer Homes, GreenPoint Partners, Harmonic Growth Partners, Menlo Ventures, Mirae Asset, Navitas Capital, Nine Four Ventures, Sino Group, and Taronga Ventures: we benefit from their guidance and industry knowledge, and they’ve played a critical role in helping us reach today’s milestone. 

We’re also grateful for our team members here at OpenSpace, nearly 200-strong, who are the energy behind everything we do. As our CEO and co-founder, Jeevan Kalanithi, likes to say, “You are the company, quite literally. There is nothing without you, and you are why we are here today.” We’re proud to be a remote-first company and are looking forward to continuing to grow our footprint further across engineering, sales, management, and customer support roles.

Last but absolutely not least, we’re immensely thankful for our customers, who give us the opportunity to improve their employees’ lives, and who are so generous with their feedback as we continuously seek to improve our platform. You are why we exist. OpenSpace was founded to serve builders first and foremost, and we’re privileged to be able to do that every day. People who work in the real, physical world have long been underserved by technology, but that’s rapidly changing: as Waypoint 2021 panelist Carl McFarland of Kitchell said, “If the conversations you’re having during strategic planning aren’t difficult, that means you haven’t embraced the transformation that’s coming. Ask yourself, how do you rethink your business and people and objectives to align with what is inevitable: a renaissance age of transformation.” 

We believe the future of reality capture extends beyond simple site documentation to incorporate automated analysis, BIM compare, and other advanced capabilities that extend into how our customers finance their construction projects and pay their teams. We’re proud of the progress we’ve made but also excited for an even brighter future. Interested in being a part of our journey? Check out our open roles, contact us for a demo, or drop us a line.  We’ve got lots of work to do. 

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