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 expands AI-backed Progress Tracking to coordinate across trades
Founded in 2017, OpenSpace is a San Francisco-based tech company that is on a mission to bring transparency to construction through better documentation. OpenSpace’s solutions combine 360° cameras, computer vision, and AI to capture a complete visual record of the job site and share it via the cloud. Recently, they have announced the expansion of its ClearSight Progress Tracking product.
As the pandemic has accelerated digitization and adoption rates for construction tech, builders have begun embracing automation on job sites for tedious, manual tasks like photo documentation. Progress Tracking, part of OpenSpace’s ClearSight analytics suite, uses computer vision processes to analyze site images and automatically determine what percent of planned work has been completed by builders.
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. These images 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.
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