Construction is a very hands-on job, but new digital tools have the potential to make construction much more efficient.
San Francisco startup OpenSpace uses an AI-based platform to help construction companies virtually map out their work sites. On Monday, the company announced that it raised $15.9 million in a Series B funding round.
Menlo Ventures led the round, with participation from Nine Four Ventures, Taronga Group and several other investors.
With OpenSpace’s technology, site operators can get a 3D visualization of a construction site. This allows construction companies to track progress on projects and get a look into what’s going on. Its computer vision AI can also recognize specific objects in a site, which can be used to locate important features like fire extinguishers, exit signs and so on.
But the real boon with OpenSpace’s software is its ability to makes aspects of construction more remote-friendly. This means that people don’t have to be at a construction site at all times to know what’s going on, but it’s also allowed construction companies to stay productive during the COVID-19 pandemic.
OpenSpace has seen a big uptick in demand since March, with the amount of capture minutes on its platform doubling and a 5X increase in Field Notes. Overall, revenue has gone up 500 percent in the past 12 months. This increased demand is what led the company to seek out another round of funding. With this new Series B capital, the company plans to build out new tools for its platform. It’s also hiring for several roles across its engineering, marketing, sales and design teams.
“We believe that builders, empowered with data-backed analytics, will be able to make more informed site decisions to increase efficiency, decrease costs, promote worker safety and achieve other goals,” the company wrote in a blog post.
