Home » Contech startup OpenSpace secures $102m, claims $902m valuation

Contech startup OpenSpace secures $102m, claims $902m valuation

by Sion Geschwindt
OpenSpace secures $102m, lands $902m valuation

San Francisco-based construction imaging startup, OpenSpace, has secured $102m (£76.6m) in a Series D funding round led by PSP Growth, the growth equity arm of PSP Partners.

This latest round brings total investment in the company this past year to $157m (£118m), landing the company a valuation of $902m (£677m).

In addition to PSP, which is owned by Penny Pritzker, billionaire and former Commerce Secretary under President Barack Obama, this latest investment round also saw participation from several new and existing investors such as Menlo Ventures funds and accounts managed by BlackRock.

OpenSpace’s core offering allows construction project personnel to walk the jobsite and shoot video with a 360-degree camera attached to a hardhat.

The company’s computer vision technology stitches together images from the video and then pins those images to the floor plan, providing a single, historical record of the project.

Jeevan Kalanithi, OpenSpace CEO and co-founder, said: “Builders have an incredibly important, incredibly difficult job—our goal is to make their lives easier and more efficient.

We do so with technology that augments and supports their work. The strong adoption we’ve seen from the industry shows the desire for this technology, and we’re pleased to partner with investors who recognise and support our mission to meet that demand.

We’re looking forward to continuing to scale our platform to best serve the needs of builders across industries, around the world.”

Penny Pritzker, founder and chairman of PSP Partners and former U.S. Secretary of Commerce, said: “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.

“We are incredibly bullish on the company’s future and are excited to help fuel their growth.”

Image: OpenSpace CEO and co-founder, Jeevan Kalanithi (Credit: OpenSpace)

Read next: GCHQ, CIOB launch cyber security guide for UK construction firms

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