Construction Photo Documentation and Analytics Platform startup OpenSpace secured $15.9M in Funding

OpenSpace, a California based global leader in automated 360 photos documentation and analysis, has now secured $15.9 million in Series B funding round.

OpenSpace is founded by the Jeevan Kalanithi in the year 2017. It offers solutions that combine 360 cameras, AI, and computer vision to make it easy to capture a complete visual record of a Jobsite, share it with the cloud, and track progress remotely.

OpenSpace is used by some of the industry leaders, which includes the JLL, Capital One, Suffolk, Tishman Speyer, and more.

Jeevan Kalanithi, OpenSpace's CEO and co-founder, said, "At OpenSpace, we believe that the future of real estate and construction will include more remote collaboration and review, saving on time and travel by bringing the jobsites to the experts, instead of the other way around. Builders play a critical role in our society, and we frankly too often take them for granted. We're proud to help make their jobs easier, whether that's by automating site documentation or by offering analytics about job progress."

Shawn Carolan, Managing Partner at Menlo Ventures Partner, said, "As active investors in companies that transform the construction industry through deep tech, Menlo recognizes OpenSpace as the market leader providing 'photographic memory' of construction sites and enabling remote collaboration that other industries have long taken for granted. With automated site capture, fast data processing, and now deeper analytics, OpenSpace wraps deep technology in a simple package. The strength of their technology and team, led by Jeevan Kalanithi, quickly established them as the market leader."

The Menlo Ventures led the latest funding round. Other participating investors include the Taronga Group and Nine Four Ventures as well as returning investors JLL Spark, Zigg Capital, Navitas Capital, and Lux Capital.

Post funding, Shawn Carolan, the Managing Partner at Menlo Ventures, will join as the OpenSpace Board of Directors team.

The company, as of now, has plans to use the new funds to meet the demand for its remote construction technology and ClearSight analytics platform.

PC: Pablo, Pixabay