Business is booming for OpenSpace, a San Francisco-based tech company that enables property owners, general contractors and tradespeople to capture and track construction progress.
On Wednesday it was announced that the company had raised $55 million in a Series C funding round led by Alkeon Capital Management. Other participants included PSP Partners, GreenPoint Partners and New World Development, and returning investors Lux Capital, Menlo Ventures, JLL Spark, Navitas Capital and Zigg Capital.
The COVID-19 pandemic has amplified the need for remote jobsite monitoring. In the past year, OpenSpace’s revenue has tripled, while its customer count and site captures have increased by over 150 percent and 300 percent, respectively.
The documentation process starts with a 360-degree camera that is often mounted on a hard hat as the user walks around the jobsite. The OpenSpace software records images every half-second and automatically maps them to project blueprints.
Users can also use their smartphones to add photos and notes whenever more detail is needed. These are instantly pinned to the floorplan to keep everything organized. Once the footage is uploaded, it can take as little as 10 to 15 minutes for construction progress to be analyzed.
Verified users can view the footage from anywhere, using features like Splitscreen to compare previous recordings to current ones. It’s easy to share data, generate custom reports, and compare actual site conditions to building information modeling (BIM). The platform provides a complete visual record that ensures accountability, “creating a single source of truth for site status,” explains a press release.
This latest round of funding will be used to expand the company internationally and further develop its ClearSight analytics suite into areas such as safety management and quality control. To date, OpenSpace has raised $88.3 million with its Series B taking place less than one year ago.
“Our vision is to remove time-consuming and tedious work from construction so that builders can focus on building,” said OpenSpace CEO and co-founder Jeevan Kalanithi in a statement. “We’re creating technology tools that augment builders’ capabilities so they can do more—better, faster and with less stress.”