As reported by Venturebeat, OpenSpace has raised $15.9 million in a series B round of funding led by Menlo Ventures.
Digital technology has been playing a key role in getting the $11 trillion industry back on its feet during the COVID-19 crisis.The pandemic has severely hit this industry too due to the social distancing measures. But AI and remote collaboration tools have made it easier to resume some projects by reducing the number of people required to be available on-site.
OpenSpace uses AI to electronically create navigable 360-degree photos of construction sites. The software provides visuals which can be viewed by all stakeholders. It allows them to monitor progress remotely through virtual site tours and can also enable side-by-side comparisons to resolve conflicts.
The company has recently ventured into analytics, and launched a new suite of analytics tools called ClearSight. The tool ships with a bunch of AI-powered features including object search. It will allow site managers to select an object from a given scene and find similar objects elsewhere on the site.
The company said that they have seen a 65% increase in the number of web-based viewing sessions and a 37% rise in photo captures. To meet this growing demand, OpenSpace has also fast-tracked a new free version of its service, called OpenSpace Photo. It is similar to its core product except it doesn’t come with automated smarts and is targeted at smaller projects.
