In 2022, the construction industry faced many challenges, including labor shortages and economic headwinds. However, these challenges also created opportunities for new solutions and a shift in the way the industry thinks about and responds to adversity. To gain insight into what we’ll see moving forward in 2023, we conducted a year-end survey, polling general…
OpenSpace Raises $15.9M Series B to Accelerate Growth
The world we’re operating in today is very different from the one we lived in when we launched OpenSpace two years ago. For months, our team has been working from home and, like many others, relying on videoconferencing, chat apps, and cloud-based documents to replace what had previously been in-person interactions. We know that the real estate owners, contractors, and trade professionals we work with have been affected even more than most as they grapple with how to keep such a physical, on-site industry running with social distancing practices in place.
Yet one thing has remained constant: our vision to help make it easier for builders to build. COVID-19 has fundamentally restructured the way we all work, and we believe this moment can help usher in the future of real estate and construction—one in which experts can remotely collaborate on job sites without having to visit in person, builders can use automated tracking and trending to do their jobs more efficiently, and life is just plain easier for the men and women of this critical industry that all of us rely on every day.
Contractors around the world are already rethinking what it means to create a safe working environment on the job site with reduced in-person activity and increased reliance on remote work. During the past 12 months, we’ve seen a 500% increase in revenue, and just since March, we’ve seen a dramatic increase in the use of the platform—a doubling in capture minutes and 5x increase in Field Notes—as we help builders manage and track projects remotely. We’re proud to see that the tools we’ve built have been useful for our customers, but we also know that we can do more. To further build out our platform and expand on the tools that we believe will define the future of construction, we’re thrilled to announce that we’ve raised $15.9M in a Series B round led by Menlo Ventures, with participation from Nine Four Ventures, Taronga Group, and returning investors Lux Capital, JLL Spark, Navitas Capital, and Zigg Capital.
Remote is the future (actually, it’s the present!)
When many regions across the country began pausing nonessential services to slow the spread of the coronavirus, we heard customers say that OpenSpace became a “must-have” in ensuring the viability of their projects. First to capture shut-down conditions to protect against loss and then, as jobs opened back up, to reduce the number of workers needed onsite. Now OpenSpace is just the “new normal.” For example, our customer Lee Kennedy shared that one of the steps they took at the beginning of the pandemic was to make sure all of their projects were captured in OpenSpace to make start up smoother and remote management easier. While construction will always be a highly physical, in-person industry, we’re confident that builders can greatly reduce their in-person visits through our remote collaboration technology, which will be beneficial not only for social distancing, but also for overall time and cost savings.
From image capture to construction intelligence
Site imagery is the foundation of construction documentation, which is why it was the first stop on OpenSpace’s product roadmap. We’ve seen strong demand for our automated photo documentation product: our customers have captured well over one billion square feet of active construction projects to date. We focused on speed and simplicity, and backed by the best tech in the industry, we feel confident that our tools are the most accurate, fastest, and simplest out there.
At the beginning of this year, we announced the next phase of our product offerings, where we’re using AI-powered analytics tools to turn all those images into deeper project intelligence. With OpenSpace Track, we offer 3D scanning and automated progress tracking capabilities to our customers, and we’re excited to use this latest funding to further develop OpenSpace Track capabilities. We believe that builders, empowered with data-backed analytics, will be able to make more informed site decisions to increase efficiency, decrease costs, promote worker safety, and achieve other goals.
Thank you to our customers for entrusting us to help document and manage your job sites, and for providing feedback along the way that’s helped us design the best product possible. We’re also so grateful to our team and investors for their hard work to make our vision for a better future in construction and real estate a reality. During this pivotal moment, we’re working hard to better serve builders around the world with our technology. And if you share our passion for leveraging cutting-edge tech to improve construction, we’re hiring!