Construction site mapping startup raises $14M from JLL, WeWork
Other big names including Tishman Speyer, Suffolk Construction are investors
A startup that maps construction sites raised $14 million on Tuesday, marking the latest infusion of capital into construction-technology companies by major players in the industry.
OpenSpace, which creates 360-degree photo representations of job sites using artificial intelligence, raised $14 million in Series A funding, the company announced on Tuesday. Lux Capital led the round, joined by Goldcrest Capital, as well as new investors JLL Spark, Navitas Capital, Suffolk Construction, Tishman Speyer, WeWork and Zigg Capital.
The company, which launched in 2017, has an algorithm that combines images of a construction site, which are taken by cameras affixed to workers’ hardhats. Developers can then navigate through 360-degree recreations of their construction sites. Similar construction site monitoring companies, like OnsiteIQ and AirWorks, have sprung up over the past few years as interest in construction technology has ballooned.
According to the Wall Street Journal, roughly $6.1 billion was invested in the construction-tech sector last year, nearly double that of 2017. Also on Tuesday, San Francisco-based Brick & Mortar Ventures announced that it has launched a $100 million fund to invest in construction tech. The fund will focus on Series A financing.
Tishman Speyer piloted OpenSpace at its 392-unit condo tower, MIRA, in San Francisco. The developer has since enlisted the company to document progress at the Spiral, a 1,005-foot-tall office tower near Hudson Yards. Last year, JLL launched a $100 million fund dedicated to real estate technology, dubbed JLL Spark. OpenSpace marks JLL Spark’s 13th proptech investment since launch.