OpenSpace, a startup that develops technology for the construction industry, raised $102 million in a new funding round that the company said gives it a valuation of $902 million. Penny Pritzker’s PSP Growth led the round, San Francisco-based OpenSpace said. Other participating investors include BlackRock Inc., Alkeon Capital Management, Menlo Ventures and a unit of…
OpenSpace Announces Expanded Availability of ClearSight Progress Tracking for Key Trades
With Progress Tracking, customers can automatically determine percent complete, broken down by date, floor, or trade
SAN FRANCISCO, April 19, 2021 — OpenSpace, the global leader in automated 360° photo documentation and analysis for construction, today announced the expansion of its ClearSight Progress Tracking product, now available to all customers. Progress Tracking uses AI to convert 360° images into an objective record of progress that is mapped directly to floor plans and displayed on interactive dashboards that show progress across time, areas and trades. Builders can use Progress Tracking to stay pace with schedules, flag possible delays early, and accelerate tedious manual processes like verifying completed work and validating pay applications.
“OpenSpace is the single best tool we’ve had in terms of jobsite information,” said RG Principal Brian Garcea. “Having real-time insight into our progress that lets us quickly adjust how we’re working in the field is what lean is all about. It’s an invaluable tool for our company.”
“We’ve heard from customers that the ability to create a sharable digital representation of their job sites has been hugely beneficial, but we didn’t want to stop there—we wanted to go deeper and deliver new solutions that save builders time and money,” said Jeevan Kalanithi, CEO and co-founder of OpenSpace. “Progress Tracking takes the hassle out of tracking and validating completed work by automatically generating a trusted record of progress without requiring tedious manual work. Our customers want to be builders, not accountants.”
Progress Tracking is part of OpenSpace’s ClearSight analytics suite, and has been used by several customers prior to its wider rollout to the full customer base. Using computer vision processes like semantic segmentation and object detection, OpenSpace Trackers are trained to recognize key elements and automatically determine what percent of planned work has been completed by builders. The analysis can be broken down across vectors like date and time, floor level, or trade (electrical, mechanical, drywall and more), giving stakeholders an instant view into how much work has been completed, when and where.
“Having numbers to justify a hunch or gut feeling is so valuable,” said Blake Pearce, Director of Operations at Provident General Contractors. “It allows us to communicate quickly with subcontractors and elevate certain items. If you track the progress of framing, which is in the critical path on 99% of projects, you’ll also generally have a good idea of whether or not you’re on schedule.” Progress Tracking builds on OpenSpace’s signature speed and simplicity, with insights available within hours and delivered in straightforward, easy-to-understand charts and tables that the entire team can use.
For more information about Progress Tracking, you can watch a recording of a recent webinar about the product, featuring insights from customers at RG Construction, Suffolk, and Provident General Contractors, or visit openspace.ai.
Founded in 2017, OpenSpace is a San Francisco-based tech company that is on a mission to bring new levels of transparency to construction. Our solutions combine simple 360° cameras, computer vision, and AI to make it incredibly easy to capture a complete visual record of the jobsite, share it via the cloud and track progress. To date, our customers have used our platform to capture more than four billion square feet of active construction projects across thousands of sites in dozens of countries.