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…
SPAR3D: OpenSpace harnesses AI to streamline 3D construction documentation
In nearly every construction project, contractors are obligated to visually document their worksites to track progress and to create a record of what has been built. Traditionally, this involves hiring a person or company to come in to perform the documentation. The data may only be collected once or a handful of times, and the captures can be infrequent and expensive.
With the growth in availability of 3D scanning for this type of documentation, it is possible to have a more complete record than photographs- but it can still require a significant amount of time and expertise to capture. The necessity of needing a professional come in with expensive equipment to do it still means that there may be long gaps in between captures, however.