- Construction tech startup OpenSpace announced Monday that it has raised $15 million in a round led by Menlo Ventures.
- The round also included investors Lux Capital, JLL Spark, Navitas Capital and Zigg Capital, as well as new investors Nine Four Ventures and Taronga Group.
- The company has seen a massive increase in demand since the coronavirus pandemic began, with the company’s vision tools allowing supervisors to track progress remotely.
- CEO Jeevan Kalanithi shared the company’s Series B pitchdeck with Business Insider to show just how the firm fundraised during the pandemic.
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OpenSpace, a computer vision construction tech startup, announced today that it has raised a $15 million in a Series B round led by Menlo Ventures, one of Silicon Valley’s most storied firms.
The fundraise includes returning investors Lux Capital, JLL Spark, Navitas Capital, and Zigg Capital, as well as new investors Nine Four Ventures and Taronga Group.
The company raised $14 million in a Series A last year, and brings the total funds raised to $33.3 million since it launched in 2018. Menlo Ventures Partner Shawn Carolan will join the company’s board.
Jeevan Kalanithi, OpenSpace’s CEO and co-founder, told Business Insider that the company wasn’t planning to fundraise yet, but that coronavirus accelerated its growth.
“Three years of growth happened in three weeks,” Kalanithi said.
Read more: Construction firms that get tech right could see Silicon Valley-like valuations. Here’s how an old-school industry can transform itself.
The way OpenSpace works is builders wear a hardhat with a small, 360-degree camera mounted onto it to capture an image of a construction site as they walk around a building site. OpenSpace’s software uses the imagery to create a virtual twin of the worksite, which the construction team can use to track their progress.
The company has also launched a suite of tools that make it possible to search for objects, like exit signs or pallets of materials, and progress tracking, which compares the actual work site to digital plans.
Kalanithi walked Business Insider through the pitch deck that the company used to raise $15 million.