Total amount raised
$200.4 Millions
Latest funding date
8/1/2022
Location
OpenSpace has successfully raised significant funding across multiple rounds, with its latest being a Series D closed on August 9, 2022. The company is backed by a diverse group of 30 investors, including GreenPoint Partners and Taronga Ventures.
Keep reading to explore the intricacies of OpenSpace's fundraising journey and the investors backing this innovative platform.
What Is OpenSpace?
OpenSpace, founded in 2017, is based in San Francisco, California. The company was established by Jeevan Kalanithi, Michael Fleischman, and Philip DeCamp.
Specializing in AI-driven photo documentation, OpenSpace creates navigable photo representations of job sites. Their software captures images every half-second and ties them to project plans.
With a team of 101-250 employees, OpenSpace continues to innovate in the field of construction site documentation and reality capture.
How Much Funding Has OpenSpace Raised?
- Seed Round
- Amount Raised: $3.5M
- Date: September 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI-driven photo documentation technology.
- Grant
- Amount Raised: $225K
- Date: June 2017
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage research and development.
- Grant
- Amount Raised: $750K
- Date: September 2018
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and expand their research capabilities.
- Series A
- Amount Raised: $14M
- Date: August 2019
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: February 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital.
- Series B
- Amount Raised: $16M
- Date: July 2020
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand market reach.
- Series C
- Amount Raised: $55M
- Date: April 2021
- Lead Investors: Alkeon Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product development and increase market penetration.
- Series D
- Amount Raised: $102M
- Date: March 2022
- Lead Investors: PSP Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and develop additional AI-powered technologies.
- Series D (Additional)
- Amount Raised: $9M
- Date: August 2022
- Lead Investors: GreenPoint Partners, Taronga Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and developing new features.
Total Amount Raised: $200.475M
Current Valuation: Not publicly disclosed
Key Investors
- GreenPoint Partners
- Details: GreenPoint Partners is a private equity firm that focuses on investments in real estate and infrastructure. They aim to drive innovation and sustainability within these sectors.
- Investment Focus Areas: Real estate, infrastructure, technology.
- Notable Investments: Not publicly disclosed.
- Taronga Ventures
- Details: Taronga Ventures is a venture capital firm that invests in technology and innovation within the real estate and built environment sectors. They support companies that aim to transform these industries through innovative solutions.
- Investment Focus Areas: Real estate, built environment, technology.
- Notable Investments: Not publicly disclosed.
- PSP Growth
- Details: PSP Growth is the venture and growth equity arm of PSP Partners, focusing on high-growth companies across various sectors. They provide strategic support and capital to help companies scale.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Not publicly disclosed.
- Alkeon Capital
- Details: Alkeon Capital is a global investment firm that partners with companies across various stages of growth. They focus on long-term investments in technology-driven businesses.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Not publicly disclosed.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in early-stage and growth-stage companies. They have a strong track record of supporting innovative startups in various industries.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Uber, Roku, Warby Parker.
What's Next for OpenSpace?
OpenSpace is poised to capitalize on the growing demand for AI-driven construction site documentation. With its technology already deployed on over 14,000 jobsites, the company aims to expand its capture capabilities beyond 360° images to include 3D scans from LiDAR-powered devices. This expansion could significantly enhance project tracking and management, offering substantial growth opportunities.
Future fundraising efforts may be on the horizon, especially with the addition of Alan Henricks to the board, who brings expertise in scaling companies. However, OpenSpace will need to navigate challenges such as integrating new technologies into existing workflows and maintaining rapid growth amidst increasing competition. Ensuring data security and privacy will also be critical as they continue to innovate.
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