MIT spinoff OpenSpace invented automated 360-degree video jobsite capture and mapping. "It's not exactly an amazing observation," says CEO Jeevan Kalanithi, "but a picture really is worth a thousand words." In the world of real estate development, visual documentation of construction projects is critical. It aids in dispute resolution, prevents mistakes from being compounded, and allows for knowledge capture in case of change orders. Builders are often contractually obligated to document progress.

OpenSpace, a platform that helps construction companies track building projects through AI-powered analytics and 360-degree photo documentation, has raised $55 million in a series C round of funding led by Alkeon Capital Management. The raise comes amid a cross-industry digital transformation boom, spurred in large part by the pandemic. Construction has often lagged behind other sectors in terms of efficiency, but technology such as robotics, artificial intelligence (AI), and remote collaboration tools have played a sizable role in getting the $11 trillion industry back on track. Founded out of San Francisco in 2017, OpenSpace leans on AI to create 360-degree photos of construction sites, which are captured by builders or site managers who traverse an area with cameras strapped to their hats. All the imagery is sent to the cloud, where computer vision and machine intelligence tools arrange, stitch, and map the capture visuals to the associated project plans.

People who work behind a computer screen all day take it for granted that everyone's work will be tracked and accessible when they collaborate with others. But if your job takes place out in the real world, managing projects can require a lot more effort. In construction, for example, general contractors and real estate developers often need someone to be physically present on a job site to verify work is done correctly and on time. They might also rely on a photographer or smartphone images to document a project's progress. Those imperfect solutions can lead to accountability issues, unnecessary change orders, and project delays.

OpenSpace, a platform that helps construction teams track the progress of building projects by capturing 360-degree photos of construction sites, has raised $15.9 million in a series B round of funding led by Menlo Ventures. While the construction sector has never been renowned for efficiency, digital technology is playing a pivotal role in getting the $11 trillion industry back on its feet during the COVID-19 crisis. The construction industry has been particularly hard hit by the pandemic, due to social distancing measures, but AI and remote collaboration tools are making it easier to resume some projects by reducing the number of people required to be on-site. Founded in 2017, San Francisco-based OpenSpace uses AI to automatically create navigable 360-degree photos of construction sites. The software works in tandem with a 360-degree camera, which builders or site managers strap to their hats to document the evolution of a site.

A San Francisco-based construction tech startup that recently received a $14 million stamp of approval from investors is also impressing the construction managers who use its software. OpenSpace, maker of an artificial intelligence-driven technology that captures and analyzes construction site data, received the capital infusion this summer. Investors include co-working giant WeWork as well as two well-known industry stalwarts with experience using the platform: Suffolk Construction and real estate developer Tishman Speyer. The financing marks the company's first raise since it closed on a $3.5 million seed round after its founding in September 2017. The software uses artificial intelligence to create navigable, 360-degree photo representations of a site.

OpenSpace, a company that utilizes helmet-mounted cameras and some fancy stitching software to create "Street View"-like scenes of jobs in progress, has just landed $14 million in Series A funding. The company's tech is deployed globally in construction projects worth more than $50 billion. I covered OpenSpace last year when the company emerged from stealth. "Office workers have had the ability to create, edit, share, and revisit their work for a long time, but that has never truly existed in the construction industry," Jeevan Kalanithi, co-founder of OpenSpace, told ZDNet at the time. "That's because creating, storing, searching, localizing, and indexing visual data from the real world has never really been possible until now."

Want to get a jump-start on upcoming deals? If a lack of innovation is to blame for stagnating U.S. construction productivity over the last half-century, off-site builders -- and some of their AI partners -- think they may have the solution. Around the country, prefabrication companies of different scopes and specializations are trying to boost their factory environments by using artificial intelligence. Off-site construction firms promise both time and cost savings, with one June report by McKinsey predicting up to 50% quicker builds compared to on-site construction. Cost savings from off-site construction, on the other hand, only now appear to be materializing for builders, in part because of the use of AI.