St. Petersburg’s 400 Central construction crew has started using artificial intelligence to avoid mistakes in the construction process. Here’s how new tech accelerates long buildouts. In a matter of months, 400 Central Avenue, the site of St. Petersburg’s future tallest building, has gone from a ground-level foundation to a multi-story cement structure rising rapidly from…
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.