San Francisco-based construction tech company OpenSpace announced Wednesday that it raised $102 million in fresh financing. The Series D, led by PSP Growth, places the soon-to-be unicorn’s valuation at a whopping $902 million.
The latest raise couldn’t have come at a better time. OpenSpace revenues have either doubled or tripled each year since its founding in 2017, according to the company.
The OpenSpace platform aims to make it easier for project stakeholders to work together on construction projects without having to be on-site. The company’s AI-driven software is used to automatically capture a complete visual record of any given space. Builders on the platform can get started by strapping on a 360-degree camera to their hardhat and walking around a construction site as they normally would.
“OpenSpace was founded to serve builders first and foremost and we’re privileged to be able to do that every day,” the company said in a statement. “People who work in the real, physical world have long been underserved by technology, but that’s rapidly changing.”
Once the video is uploaded to the cloud, the company’s computer vision technology stitches things together and creates a digital floor plan. The software works in a similar way to the perception and navigation systems of self-driving cars.
An additional tool on the platform, called ClearSight, acts as a digital co-pilot that can turn captured images into tangible data.
“Builders have an incredibly important, incredibly difficult job. Our goal is to make their lives easier and more efficient. We do so with technology that augments and supports their work,” Jeevan Kalanithi, co-founder and CEO of OpenSpace, said in a statement.
OpenSpace has been used on over 10,000 job sites to date, according to the company. The platform has been used to manage more than 500 construction projects over the last month alone.
Following the latest raise, OpenSpace plans to invest in product development as well as the growth of its team. The company is now hiring for a dozen open tech roles spanning multiple departments. Every job up for grabs is available to work remotely.
OpenSpace has raised $190.5 million in venture capital financing to date, according to Crunchbase. Additional investors in the latest round include BlackRock, Alpaca VC and Fischer Homes, among others.
OpenSpace isn’t the only Bay Area-based proptech company to rake in some extra capital this week. On Tuesday San Mateo-based proptech unicorn Veev grabbed $400 million in a Series D led by LenX.
