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 Survey: Builders looking to improve efficiency as 74% worry about potential economic downturn
In a new survey of its customers and community, OpenSpace, the global leader in 360° jobsite capture and AI-powered analytics, found that 74% of respondents are concerned about a potential economic downturn affecting the construction industry. To prepare, 60% said they wanted to improve project efficiency. Few are looking to freeze or cut jobs (16%) to adapt, while more than half (54%) said that they’d look to technology to optimize operations in order to weather any slowdowns.
In fact, 74% of survey respondents said they thought technology would help their company by improving efficiency, thereby saving time and money. Other popular responses included technology helping to decrease errors or mistakes (62%) and reducing the time spent coordinating among stakeholders or traveling to the site (59%).