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…
Construction Dive: The 7 most striking construction technology innovations of 2018
Construction technology is advancing every day, presenting contractors with more tools to meet their long-term growth and efficiency goals. Even if the labor shortage isn’t letting up, AI analytics, drone hardware-software combinations, independently operated robots and other technologies are allowing the industry to do more with less.
As the year comes to a close, we’re taking a look back at the impressive technological strides that have been made, spanning augmented reality, tech-infused prefabrication, hardhat sensors and more. If the industry continues this momentum, it just may shake its “low-tech” reputation once and for all.
AI tools run millions of options in minutes
Once considered a far-fetched or futuristic tool, artificial intelligence has been made accessible to construction companies this year by a host of burgeoning startups. Alice Technologies’ AI assistant can take on the tedious number-crunching involved in project scheduling to find within minutes the most efficient plans out of millions of scenarios. UpCodes launched an AI plug-in for design programs that runs a “spell check” on a BIM model’s code compliance, allowing architects to recognize and mitigate violations early.
OpenSpace AI stitches 360-degree jobsite imagery into a Google Street View-style map of project progress. Attracting $3.7 million in recent seed financing, indus.ai creates a “digital twin” of jobsite activity to give stakeholders better visibility into performance. And the list goes on.