Construction projects tech platform OpenSpace raises $55 mn
Technology

Construction projects tech platform OpenSpace raises $55 mn

Technology platform OpenSpace, which provides 360-degree photo documentation software, powerful integrations, analytics tools, helping construction companies track project building through artificial intelligence (AI), has raised $55 million in a series C round of funding led by Alkeon Capital Management.

The fundraising comes amid a cross-industry digital transformation boom, spurred in large part by the Covid-19 pandemic. Construction has often lagged behind other industry sectors in terms of efficiency, but technology such as artificial intelligence (AI), robotics, and remote collaboration tools has helped the $11 trillion industry get back on track.

OpenSpace also offers AI-powered analytics, including a progress tracking feature that uses computer vision to analyse site images and automatically figure out how much of the scheduled work has been completed. Elsewhere, object search enables site managers to select an object from a scene and find similar objects elsewhere on the site.

Founded out of San Francisco in 2017, OpenSpace uses AI to create 360-degree photos of construction sites that are captured by builders or site managers who traverse an area with cameras strapped to their hats.

All the imagery is sent to the cloud, where computer vision and machine intelligence tools arrange, stitch, and map the captured visuals to the associated project plans. Activities are documented on each site so stakeholders can check on progress remotely or resolve discrepancies by reviewing a visual history of the project.

Image Source


Also read: Aveva highlights the need for digital business solutions

Technology platform OpenSpace, which provides 360-degree photo documentation software, powerful integrations, analytics tools, helping construction companies track project building through artificial intelligence (AI), has raised $55 million in a series C round of funding led by Alkeon Capital Management. The fundraising comes amid a cross-industry digital transformation boom, spurred in large part by the Covid-19 pandemic. Construction has often lagged behind other industry sectors in terms of efficiency, but technology such as artificial intelligence (AI), robotics, and remote collaboration tools has helped the $11 trillion industry get back on track. OpenSpace also offers AI-powered analytics, including a progress tracking feature that uses computer vision to analyse site images and automatically figure out how much of the scheduled work has been completed. Elsewhere, object search enables site managers to select an object from a scene and find similar objects elsewhere on the site. Founded out of San Francisco in 2017, OpenSpace uses AI to create 360-degree photos of construction sites that are captured by builders or site managers who traverse an area with cameras strapped to their hats. All the imagery is sent to the cloud, where computer vision and machine intelligence tools arrange, stitch, and map the captured visuals to the associated project plans. Activities are documented on each site so stakeholders can check on progress remotely or resolve discrepancies by reviewing a visual history of the project. Image Source Also read: Aveva highlights the need for digital business solutions

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code