OpenSpace, a pioneer in 360 degree construction site data capture and analysis, announced a $14 million 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.
Founded in 2017, OpenSpace is deployed on projects exceeding $50 billion in total value in the United States and around the world.
OpenSpace uses artificial intelligence to automatically create navigable, 360 degree 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’s 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 “time machine” 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.
“OpenSpace makes it incredibly easy to walk a job site, gather detailed imagery and automatically generate a 360° view that’s pinned to the floor plan. What used to be a complex, laborious task is now a simple and elegant user experience,” said David Gerster, Vice President at JLL Spark. “This investment is part of our broader commitment to transforming commercial real estate with new technology.”
“Tishman 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,” said Jenny Wong, Managing Director at Tishman Speyer.
“Access to accurate, immediate data is essential in the development and building process, and we are excited to be partnering with OpenSpace.”
The company plans to use the funding to continue scaling up its operations, as well as for development of new products.