OpenSpace, an imaging and AI-driven platform providing 360-degree visibility for construction sites, has raised $14 million in a Series A round led by Lux Capital.
WeWork and the participating construction company investors were all customers prior to backing OpenSpace, according to co-founder and CEO Jeevan Kalanithi.
The way OpenSpace works is that builders attach a small camera to their hardhats and walk around a construction site.
OpenSpace claims that customers report its technology “Allows for 30x faster data capture compared to traditional, manual methods.” I. Looking ahead, OpenSpace plans to use its new capital to scale its operations, with a particular focus on sales and marketing, as well as to develop new computer vision-powered products.
OpenSpace’s founding team brings both a tech background and domain expertise to the table.
OpenSpace has purposely chosen to work with investors who are directly involved in construction and real estate, Kalanithi said.
Earlier today, we reported that Brick & Mortar Ventures, a venture firm with deep domain expertise, has closed on a $97.2 million fund to focus on construction tech investing.