Construction-tech Startup OpenSpace Claims $902M Valuation about:reader?url=https://therealdeal.com/national/2022/03/03/cons...

therealdeal.com

Construction-tech
Startup OpenSpace
Claims $902M
Valuation
By T.P. Yeatts
3-4 minutes

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OpenSpace’s Jeevan Kalanithi

(OpenSpace, iStock, Illustration by
Kevin Cifuentes for The Real Deal)
OpenSpace, a construction-tech
startup that supplies digital mapping
technology to developers and
contractors, has raised $102 million in
Series D funding.
The fundraise values the San
Francisco-based company, founded in
2017, at $902 million, “more than
doubling” its valuation from last spring,
when it raised $55 million in Series C
funding, co-founder and CEO Jeevan
Kalanithi said Wednesday.
Construction can be chaotic and
therefore difficult to document.

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OpenSpace’s approach involves using

third-party, 360-degree cameras
strapped to helmets to take a constant
stream of pictures of a project, then
stitch them together to tell a story —
and create a historical record — of its
progress.
AI crunches the data to gauge whether
construction is on time, how much
progress the various trades have
made, and address other time-
consuming questions, like how much
drywall has been installed in the last
two weeks.
Kalanithi says the technology is more
reliable, and cheaper, than tasking
contractors or others with making these

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assessments themselves. Cameras

document the site passively.
“The main thing that is missing in this
industry is a trusted set of facts about
what is actually happening,” Kalanithi
said. “Written reports and spreadsheets
are all just opinions.”
PSP Growth, the venture and growth
equity arm of PSP Partners, led the
Series D. Alkeon Capital Management,
which led OpenSpace’s Series C
round, also participated, alongside
existing investors GreenPoint Partners,
JLL Spark and Menlo Ventures. New
investors included Alpaca VC, Fischer
Homes and BlackRock-managed
funds.

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The new funding brings the company’s

total equity raised to $190 million.
Using photography to document
construction is not a new idea. And
other startups like OnsiteIQ and
AirWorks use visual data to supply
owners and contractors with
information about job sites. But
Kalanithi says OpenSpace’s cloud-
based software, which includes a
mobile app, is unique in its
comprehensiveness — it’s always
“looking” — and its ease of use.
“All we’ve done is make it incredibly
easy to have a truly comprehensive
record,” he said.
The technology integrates with project

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management platforms like Procore,

PlanGrid and Autodesk, and is
designed to be used by everyone on a
job site, from the owner-developers
themselves to general contractors and
the trades. It has been deployed on
more than 10,000 sites in 75 countries
so far, including “mega projects” like
sports stadiums all the way down to
small office renovations and quick-
serve restaurants, Kalanithi said.
The cost of OpenSpace’s subscription
service is calculated as a percentage
of the overall value of a development
project, irrespective of the total number
of users or the amount of data being
collected. Customers include JLL,

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Unispace, Suffolk, Swinerton and

Tishman Speyer, among others.
The company has more than 180
employees.

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