{"id":2033286,"date":"2019-08-30T09:39:04","date_gmt":"2019-08-30T15:39:04","guid":{"rendered":"https:\/\/csengineermaga.wpengine.com\/?p=2033286"},"modified":"2019-08-30T10:14:18","modified_gmt":"2019-08-30T16:14:18","slug":"openspace-ai-powered-construction-tech-company-raises-series-a-round-to-bring-street-view-style-documentation-to-real-estate-development-and-construction-industries","status":"publish","type":"post","link":"https:\/\/csengineermag.com\/openspace-ai-powered-construction-tech-company-raises-series-a-round-to-bring-street-view-style-documentation-to-real-estate-development-and-construction-industries\/","title":{"rendered":"OpenSpace, AI-Powered Construction Tech Company, Raises Series A Round To Bring \u201cStreet View\u201d-Style Documentation to Real Estate Development and Construction Industries"},"content":{"rendered":"
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SAN FRANCISCO, Calif.<\/strong>\u00a0\u2013 \u200bOpenSpace\u200b,<\/a> the leader in 360\u00b0 construction site data capture and analysis, today announced a $14M Series A funding round led by Lux Capital. Returning investor Goldcrest Capital also joined the round, along with new participants JLL Spark, Navitas Capital, Suffolk Construction, Tishman Speyer, WeWork and Zigg Capital. With these new investors on board, OpenSpace has established strategic partnerships with some of the top names in real estate and construction. Founded in 2017, OpenSpace is deployed on projects exceeding $50B in total value in the United States and around the world.<\/p>\n

OpenSpace uses patent-pending, cutting-edge artificial intelligence to automatically create navigable, 360\u00b0 photo representations of any physical space. Builders attach a small camera to their hardhats and walk the site as normal, with OpenSpace passively capturing imagery in the background. Imagery data is then uploaded to the cloud, where OpenSpace\u2019s algorithms map the photos to project plans and stitch them together, creating a visual representation of the site similar in style to Google Street View. This data then accumulates over time, providing builders with a \u201ctime machine\u201d that allows them to review site conditions as they were a day ago, a week ago, or years ago. With OpenSpace, project stakeholders can conduct virtual site tours, communicate easily about change orders, and review the photo record to see changes over time.<\/p>\n

\u201cOpenSpace makes it incredibly easy to walk a job site, gather detailed imagery and automatically generate a 360\u00b0 view that’s pinned to the floor plan. What used to be a complex, laborious task is now a simple and elegant user experience,\u201d said David Gerster, Vice President at JLL Spark. \u201cThis investment is part of our broader commitment to transforming commercial real estate with new technology.”<\/p>\n

On average, customers report that OpenSpace allows for 30x faster data capture compared to traditional, manual methods. It requires no specialized training to use and works with an off-the-shelf 360\u00b0 camera. Using OpenSpace, customers have already captured more than 150M square feet of data\u2014enough to fill more than 50 Empire State Buildings\u2014and that number continues to grow.<\/p>\n

\u201cTishman Speyer has piloted OpenSpace at MIRA in San Francisco and now at our ongoing construction of the Spiral, a three million square foot development in New York City, and we see value in scaling this program more broadly,\u201d said Jenny Wong, Managing Director at Tishman Speyer. \u201cAccess to accurate, immediate data is essential in the development and building process, and we are excited to be partnering with OpenSpace.\u201d<\/p>\n

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\u201cOpenSpace\u2019s imaging and AI analytics platform is seeing rapid adoption by some of the largest infrastructure and real estate development firms, who are also investing in the company,\u201d said Bilal Zuberi, Partner at Lux Capital. \u201cWe are excited to continue to partner with OpenSpace in building a great infrastructure analytics company.\u201d<\/p>\n

\u201cAt OpenSpace, we\u2019re using AI to augment workers\u2019 capabilities by making documentation fast, easy and complete,\u201d said Jeevan Kalanithi, co-founder and CEO of OpenSpace. \u201cWe started this company by collaborating with builders, on their job sites. We knew that any documentation solution needed to be totally passive in order to fit into the extremely busy day-to-day of a construction site, and this is what inspired us to create OpenSpace\u2019s unique tap-and-go approach.\u201d<\/p>\n

The company plans to use the funding to continue scaling up its operations, including sales and marketing expansion, as well as for the development of new computer vision powered products that leverage the massive, unique and growing dataset being created. For more information and to read customer testimonials, visit \u200bhttps:\/\/openspace.ai\/\u200b<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

SAN FRANCISCO, Calif.\u00a0\u2013 \u200bOpenSpace\u200b, the leader in 360\u00b0 construction site data capture and analysis, today announced a $14M Series A funding round led by Lux Capital. Returning investor Goldcrest Capital also joined the round, along with new participants JLL Spark, Navitas Capital, Suffolk Construction, Tishman Speyer, WeWork and Zigg Capital. With these new investors on […]<\/p>\n","protected":false},"author":3,"featured_media":2033289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"video","meta":{"_seopress_robots_primary_cat":"","footnotes":""},"categories":[11450,2425,13394,1147,2806],"tags":[13389,13388,13390,13387,13386],"acf":[],"views":12,"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/csengineermag.com\/wp-content\/uploads\/2019\/08\/maxresdefault-1.jpg","_links":{"self":[{"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/posts\/2033286"}],"collection":[{"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/comments?post=2033286"}],"version-history":[{"count":0,"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/posts\/2033286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/media\/2033289"}],"wp:attachment":[{"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/media?parent=2033286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/categories?post=2033286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/csengineermag.com\/wp-json\/wp\/v2\/tags?post=2033286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}