OpenSpace, the global leader in 360° jobsite capture and AI-powered analytics, announced US$9M in additional strategic capital for its Series D round, bringing the total raised to US$111M. The investment comes from funds managed by existing investors Taronga Ventures and GreenPoint Partners, spotlighting OpenSpace’s exciting opportunities to expand into new markets and use cases. The investment will be used to continue scaling the business and developing additional AI-powered technologies.
Also Read: epay selects Fraugster to pilot fraud prevention services for its payment processing
“We see continued growth potential in OpenSpace, especially in regions like APAC and the Middle East, due to its ease of use, making it simple for customers to adopt and implement quickly,” said Avi Naidu, co-founder and managing partner of Taronga Ventures. “OpenSpace is fast becoming an industry standard, and we’re pleased that we can continue to support this growth.”
Amid market turbulence and a decrease in most venture capital funding, this additional investment demonstrates OpenSpace’s strong position as an industry leader. OpenSpace helps builders, owners, and other stakeholders in the construction and real estate industries save time and money by providing a trusted record of site status over the course of a project. As builders look to optimize their businesses to protect against potential economic headwinds, a recent survey from OpenSpace found that 54% said they’d look to technology as a solution, illustrating the strong growth path ahead.