VentureBeat: OpenSpace raises $14 million for AI platform that visually tracks construction projects
The global construction market will be a $12 trillion industry by 2022, according to a recent Construction Intelligence Center (CIC) forecast. However, the sector is not renowned for its efficiency — various reports indicate that construction is among the lowest-performing industries in terms of productivity, a factor that can be attributed in part to the lack of digitization. And this is leading to a boom in investments aimed at technology startups that are looking to bring building sites into the 21st century.
The latest such startup to garner the attentions of venture capitalists is OpenSpace, a fledgling company that uses artificial intelligence (AI) to automatically create navigable 360-degree photos of construction sites. The company today announced that it has raised $14 million in a series A round of funding led by Lux Capital, with participation from some notable names from the real estate and construction realm, including WeWork, JLL Spark, Navitas Capital, Suffolk Construction, Tishman Speyer, and Zigg Capital. With its fresh cash injection and slew of strategic investors in place, OpenSpace said that it’s well positioned to scale its operations and develop new computer vision-powered tools.
Alex Nicoll Jul 27, 2020 6:00 AM Construction tech startup OpenSpace announced Monday that it has raised $15 million in a round led by Menlo Ventures. The round also included investors Lux Capital, JLL Spark, Navitas Capital and Zigg Capital, as well as new investors Nine Four Ventures and Taronga Group. The company has seen…
Paul Sawers @psawers July 27, 2020 6:53 AM OpenSpace, a platform that helps construction teams track the progress of building projects by capturing 360-degree photos of construction sites, has raised $15.9 million in a series B round of funding led by Menlo Ventures. While the construction sector has never been renowned for efficiency, digital technology is playing a pivotal…
Construction tech startup OpenSpace raised $15.9 million in Series B funding, led by Menlo Ventures, the company said Monday. The new investment also included Nine Four Ventures and Taronga Group, as well as existing investors Lux Capital, JLL Spark, Navitas Capital and Zigg Capital. Including the Series B, the San Francisco-based company has raised a total of $33 million, according to the company. As part of…
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