This news comes on the heels of its Series D funding round. The company plans to use the funds to develop new AI-powered technologies. Here are the top-line bullets you need to know.
OpenSpace, a construction tech company, has raised $102M in a Series D. The round drew participation from PSP Growth, BlackRock, Alkeon Capital Management, and Menlo Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based OpenSpace enables construction companies to create navigable digital representations of their jobsites that are mapped to their project plans.
- So far, the platform has been used to capture 7B square feet of site imagery from 10K+ jobsites across 76 countries.
- OpenSpace claims to have doubled or tripled its revenue each year since it was founded.
- The company is supported by a team of around 200 people and has offices in the US, the UK, and Australia.
WHY DOES THE MARKET MATTER?
- The global construction management software market is expected to reach a value of $2.7B by 2027, growing at a CAGR of 8.7%, according to Data Bridge Market Research.
- North America is expected to account for the largest market share during the forecast period, due to its higher construction volume, while the APAC region is likely to experience the highest growth rate during that time, due to construction activity in China and India.
- A key factor driving market growth is the rising adoption of cloud-based software and automation technologies across industries.
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