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.

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