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CrunchBase News: OpenSpace Lands $16M Series B For Construction Tech12611

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Jonathan_Klein private msg quote post Address this user
CrunchBase News (27 July 2020) OpenSpace Lands $16M Series B For Construction Tech

"Construction tech startup OpenSpace raised $15.9 million in Series B funding, led by Menlo Ventures, the company said Monday," said CrunchBase News.

"The new investment also included Nine Four Ventures and Taronga Group, as well as existing investors Lux Capital, JLL Spark, Navitas Capital and Zigg Capital. Including the Series B, the San Francisco-based company has raised a total of $33 million, according to the company," said CrunchBase News.

"We covered OpenSpace back in August 2019, when it raised a $14 million Series A round of funding. In the past year, the company said it’s grown 500 percent in year-over-year revenue, buoyed by strong customer adoption by customers in 30 countries. It has developed an imaging and AI-driven platform providing 360-degree visibility for construction sites," said CrunchBase News.

How it works

"Here’s a breakdown of how the OpenSpace model functions: builders begin by attaching a small camera to their hardhats and walk around a construction site," said CrunchBase News.

"OpenSpace “passively captures” imagery in the background. Per the company, that 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.” The data then accumulates over time, so that builders have the ability to review site conditions from as early as a day before or even years prior," said CrunchBase News.

“We believe that the future of real estate and construction will include more remote collaboration and review, saving on time and travel by bringing the jobsites to the experts, instead of the other way around,” said Jeevan Kalanithi, OpenSpace’s co-founder and CEO, in a written statement," said CrunchBase News.

“Builders play a critical role in our society, and we frankly too often take them for granted,” he said. “We’re proud to help make their jobs easier, whether that’s by automating site documentation or by offering analytics about job progress," said CrunchBase News.

Source: CrunchBase News
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DanSmigrod private msg quote post Address this user
@Jonathan_Klein

Thanks for sharing.

Matterport also includes Lux Capital as a VC.

I am confused about data capture. ...

Quote:
Originally Posted by @Jonathan_Klein
"OpenSpace “passively captures” imagery in the background. Per the company, that 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.” The data then accumulates over time, so that builders have the ability to review site conditions from as early as a day before or even years prior," said CrunchBase News.


Surprising if it is passively and randomly captured: versus intentional. If you learn more about data capture, please do share here...

Thanks,

Dan
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