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Expanding Our Impact with Additional Series D Funding

By Jeevan Kalanithi

August 9, 2022

OpenSpace Raises Additional Series D Funding

Earlier this year, we announced our $102M Series D funding, marking an exciting milestone for our company as we continue our quest to serve builders, real estate professionals, and others with industry-leading reality capture products and technologies. Today, we’re thrilled to share that an additional $9M in funding has been added to the Series D round by existing investors Taronga Ventures and GreenPoint Partners, bringing the total to $111M. 

Our goal has always been to build products that improve builders’ lives so significantly that they become essential parts of the construction and real estate workflow. Since founding OpenSpace in 2017, we’ve witnessed a variety of macroeconomic environments, and are proud to say that even in tough times, we’ve seen demand for our technology accelerate. Whether it’s enabling builders to monitor their jobsites during a global pandemic or improving project efficiency ahead of a potential economic downturn, construction professionals rely on our products to save time and money and to simply make their jobs easier. Amid the current market uncertainties, we believe this additional support from two of our strategic investors further illustrates the value of easy-to-use, reliable, and complete reality capture and AI-powered analytics.

With this additional funding, our goal remains to continue developing our platform to best serve our customers. We’ll do this by further improving our existing products, like Capture and Progress Tracking, as well as by exploring other functionalities that we’re seeing our customers request, like improving the insurance claims process. Many businesses can benefit from our technology, and through support from experienced industry veterans like Taronga, GreenPoint, and our other investors, we can continue expanding our reach and use cases while fine-tuning our technology even more. 

We founded OpenSpace on the job site, with feedback from early beta testers incorporated all along the way. Without the real user input we received 5+ years ago and the feedback that customers continue to share with us today, we wouldn’t be where we are now. Customers have used OpenSpace on more than 14,000 jobsites to date, topping 10B square feet of jobsite imagery captured on the platform. With each capture, our artificial intelligence uses the data customers collect to make our platform even faster and more accurate. Without the support of our customers, OpenSpace wouldn’t exist—so to our past, current, and future users, thank you for your support.

To the OpenSpace team: thank you. What started as a team of three has grown to over 250 people spread across the globe. At each phase of growth, our team has worked incredibly hard, always trying to serve the customer. Your support, determination, and belief have grown OpenSpace into the industry leader that we are today. 

We believe that the value of good technology should be easy to recognize and self-evident. As more builders are looking to improve their processes, share knowledge across projects, and reduce inefficiencies, OpenSpace is at the forefront of delivering this value. We’re excited to continue growing and making a difference for our customers—if you’re interested in getting involved, check out our open roles, contact us for a demo, or reach out. It’s been a great year already and we’re looking forward to many more to come!

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