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.