OpenSpace, has raised $9m (£7,3m) in additional strategic capital for its Series D round, bringing the total raised to $111m (£93m).
The investment comes from funds managed by existing investors Taronga Ventures and GreenPoint Partners.
The fresh funds will be used to develop additional AI-powered technologies and continue scaling the business, especially in the Asia-Pacific and Middle East.
Avi Naidu, co-founder and managing partner of Taronga Ventures, said: “OpenSpace is fast becoming an industry standard, and we’re pleased that we can continue to support this growth.”
Chris Green, CEO of GreenPoint, said: “We are continuously impressed by OpenSpace’s organic adoption across major real estate developers and owners.
“It is a testament to the company’s invaluable construction optimisation and centralisation capabilities. We’re thrilled to provide our LPs access to best-in-class technology, which they can both leverage across their portfolios and help identify new product expansion opportunities.”
OpenSpace’s reality capture technology allows builders to create a digital twin of the jobsite using an off-the-shelf, consumer 360° camera fixed to their hardhat.
In addition to this funding, OpenSpace has also welcomed businessman Alan Henricks to the OpenSpace Board of Directors, as an independent board director.
He has an extensive background in helping companies scale and become market leaders, having served as a CFO or consulting CFO for companies including Ring, Tile, and Borland Software, leading multiple companies through acquisitions or IPOs throughout his career.
OpenSpace CEO and co-founder, Jeevan Kalanithi, said: “Alan will help propel OpenSpace to our next phase of growth and success.
“His impressive track record of helping companies scale speaks for itself, and we’re looking forward to benefiting from his expertise and partnership with companies like ours.”
Image credit: OpenSpace
Read next: Marshalls first in the UK to adopt CarbonCure technology
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.
