OpenSpace, the global leader in 360° jobsite capture and AI-powered analytics, announced a $102M Series D funding round led by PSP Growth, the venture and growth equity arm of PSP Partners. As automated reality capture becomes standard in construction, OpenSpace has seen industry-leading uptake of its products and technology. Over the last year, the company has taken several steps to meet growing demand, including expanding product offerings, widening its international footprint, and branching out to new use cases.
This latest funding brings the total raised by OpenSpace in just the past year to $157M, and will be used to continue scaling the business and to develop additional AI-powered technologies. Led by PSP Growth, the round also includes participation from several new investors, including funds and accounts managed by BlackRock, as well as Alpaca VC, Fischer Homes, Harmonic Growth Partners, Mirae Asset, and Sino Group. The round also includes significant participation from existing investors Alkeon Capital Management, GreenPoint Partners, JLL Spark, Lux Capital, Menlo Ventures, Navitas Capital, Nine Four Ventures, and Taronga Ventures.
“From our vantage point of investing in and building enduring businesses in both real estate and high-growth technology companies, we see OpenSpace as a leader at the intersection of both these segments,” said Penny Pritzker, founder and chairman of PSP Partners and former U.S. Secretary of Commerce. “We are incredibly bullish on the company’s future and are excited to help fuel their growth.”
“After reviewing hundreds of construction technology businesses,” said Momei Qu, Managing Director of PSP Growth, “we know how rare it is to find a company with OpenSpace’s caliber of team, technology, and exceptional commercial success.”
Within the $10 trillion construction market, OpenSpace has found immediate product-market fit with its suite of products. Revenues have doubled or tripled each year since its founding in 2017. Customers have used OpenSpace on over 10,000 jobsites to-date, with over 500 started in the last month alone. More than 7B square feet of jobsite imagery have been captured on the platform, creating one of the industry’s largest construction space data sets.
About OpenSpace
Founded in 2017, OpenSpace is an AI technology company on a mission to bring new levels of transparency and efficiency to construction and real estate. With our platform, builders automatically capture a complete visual record of the jobsite, providing a single source of truth that increases coordination,