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Proptech startup OpenSpace reaches $902 million worth

(Bloomberg)—OpenSpace, a startup that develops technology for the construction industry, raised $102 million in a new funding round, which the company said gives it a valuation of $902 million.

San Francisco-based OpenSpace said Penny Pritzker’s PSP Growth led the round. Other participating investors include BlackRock Inc., Alken Capital Management, Menlo Ventures and a unit of commercial real estate brokerage Jones Lang LaSalle Inc.

The startup’s technology enables builders to easily capture a visual record of a job site, simplifying the normally laborious process. Workers attach a camera to their hard hats and the images are then uploaded and arranged with artificial intelligence to create a complete picture. Images are stored in the cloud and can be consulted during all phases of construction.

Having a visual record that can be accessed from a desktop can save money and time for developers, according to Pritzker, a former US commerce secretary who has a long history in the real estate business.

Many construction disputes can be lengthy and costly, involving lenders, insurers, and attorneys often with no coherent set of facts to settle the case, which is a matter of tearing down drywall to examine the work that has already been done. is less than. With OpenSpace, Pritzker said, “you now know what’s behind a wall.”

The platform has been used on nearly 10,000 job sites in more than 75 countries, ranging from the renovation of small retail locations to large-scale projects such as Sophie Stadium near Los Angeles and an office skyscraper in Manhattan’s Hudson Yards area, Spiral.

According to Jeevan Kalanidhi, chief executive officer of OpenSpace, the technology could be a key solution at a time when the need for things like affordable housing and green infrastructure is on the rise, but costs are high and labor shortages are chronic.

“These large industries that are vital to people’s lives are in crisis, and have not been given enough attention by many, including the tech industry,” Kalanidhi said. “Now is the time to make teeth for these guys.”

© 2022 Bloomberg LP

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