Associated Builders and Contractors announced the members of its third annual Tech Alliance—a consortium of firms that create construction technology and innovative solutions for ABC contractor members, the majority of which primarily perform work in the industrial and commercial sectors. “These technology and innovation allies of ABC are leaders in the construction innovation space and…
Proptech Startup OpenSpace Reaches Valuation of $902 Million
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 commercial real estate brokerage Jones Lang LaSalle Inc.
The startup’s technology enables builders to easily capture a visual record of a job site, simplifying an ordinarily painstaking process. Workers attach a camera to their hard hats and images are then uploaded and organized with artificial intelligence to create a complete picture. The images are stored in the cloud and can be consulted during all phases of construction.