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…
Shimizu Announces Enterprise Partnership with OpenSpace
Shimizu Corporation has signed a partnership agreement with OpenSpace to use their 360° photo documentation and analytics platform in combination with its own construction data and expertise to enhance remote management of its construction sites.
OpenSpace, a venture-backed company based in San Francisco, uses computer vision and artificial intelligence (AI) to create next-generation construction management tools. In order to capture 360° images, a field worker walks the jobsite with a helmet-mounted camera. The OpenSpace platform captures an image every half-second and then utilizes its high-speed data processing and proprietary algorithms to give builders a digital replica of the site that can be viewed remotely by team members all over the world.
Shimizu began a trial of the OpenSpace platform in March, 2020, and found it to be highly effective. When the Covid-19 pandemic imposed new challenges on construction, Shimizu allowed many overseas employees to temporarily return to Japan. During this time, they used OpenSpace to monitor jobsites and track events in the field remotely. The platform proved to be exceptionally useful in improving communication and collaboration of teams globally.
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