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…
Study: Contractors embrace hybrid work
Since the COVID-19 pandemic began, companies across the country have pivoted to hybrid working models — part in-person and part remote — and according to new data, construction is adopting this trend, too.
Construction tech company OpenSpace surveyed its customers about their working models and found that prior to the pandemic, 52% of respondents said their field teams had never worked remotely but now, 92% say that they will allow occasional or frequent remote work.
In addition, 95% noted that technology was very or critically important in their decision to continue allowing remote work. Respondents hailed from a wide range of firms, including general contractors, subcontractors and developers, according to OpenSpace, a San Francisco-based maker of artificial intelligence-driven technology that captures and analyzes construction site data.
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