OpenSpace – Founders, Business Model, Funding & Competitors

OpenSpace.ai is a cutting-edge startup delivering a 360° reality capture and AI-driven analytics platform for the construction industry. Founded in 2017 by three MIT Media Lab graduates, the company provides contractors, developers, and owners with a single source of truth for jobsite conditions.

Leveraging AI to automatically stitch together images captured from hardhat-mounted 360° cameras, smartphones, drones, and LiDAR devices, OpenSpace offers visibility and insights that streamline construction workflows. Its Visual Intelligence Platform has been widely adopted globally: as of 2025, customers have captured tens of billions of square feet across thousands of jobsites in over a hundred countries.

With robust venture backing (raising over $165M to date) and a valuation near the unicorn level, OpenSpace has established itself as a leader in construction tech, bridging the digital gap on projects worldwide.

Founding Story of OpenSpace

OpenSpace’s founding story begins in 2017 at MIT’s renowned Media Lab. CEO Jeevan Kalanithi met co-founders Philip DeCamp and Michael Fleischman while working on computer vision projects, and they quickly recognized construction’s chronic documentation problems. “Jeevan first started OpenSpace in 2017 with fellow grad students Phil DeCamp and Mike Fleischman, during their time at MIT’s media lab”. According to co-founder Jeevan Kalanithi, early conversations with builders revealed frustration over slow, manual site documentation. Together, the founders prototyped a solution: attach a 360° camera to a hardhat and let AI “passively capture” imagery of the jobsite while workers go about their day. This approach promised to democratize site documentation – making it easy, fast and objective – without adding burden to crews.

Their prototype paid off. By anchoring images to floor plans and automating the stitching and tagging process, OpenSpace’s technology turned a laborious process into an elegant “Google Street View” of construction sites. Early pilot projects with builders confirmed the value, and OpenSpace (originally in “semi-stealth”) quickly gained traction. The founding team stress-tested ideas with real users from day one. As one company blog recounts, the founders “tested ideas and prototypes in the field” instead of working in isolation – a philosophy that yielded a platform “essential for many owners, GCs, and specialty contractors”. By late 2017 OpenSpace formally launched, initially funded by a $3.5M seed round from investors including Lux Capital, Foundation Capital, and others. This seed funding kickstarted product development and customer acquisition.

Founders of OpenSpace

OpenSpace was co-founded by three seasoned technologists:

Jeevan Kalanithi, CEO & Co-Founder

A former teacher turned tech entrepreneur, Kalanithi earned graduate degrees at the MIT Media Lab where he met his co-founders. His vision – “bringing new levels of transparency and efficiency to construction” – has guided OpenSpace’s mission. Under his leadership the company has grown rapidly and attracted high-profile backers (including PSP Growth and Lux Capital). Kalanithi is the public face of the company, frequently speaking on how AI and 360° capture revolutionize construction.

Philip DeCamp, Chief Engineer & Co-Founder

Also an MIT Media Lab alum, DeCamp was a research scientist at MIT before co-founding OpenSpace. As Chief Engineer, he leads the technical development of OpenSpace’s computer vision and mapping algorithms. His deep research background underpins the company’s AI advances.

Michael Fleischman, CTO & Co-Founder

Fleischman brings entrepreneurial and AI expertise. Before OpenSpace he co-founded Bluefin Labs (a machine learning startup acquired by Twitter). At OpenSpace he heads product and technical strategy, building out the platform’s architecture.

(For completeness, OpenSpace’s executive team also includes Paul Joachim as CFO/COO and a slate of other leaders in engineering, product and marketing. However, the three MIT co-founders are the key figures in the company’s origin story.)

Business Model of OpenSpace

OpenSpace operates a B2B SaaS (Software-as-a-Service) model. It sells annual subscriptions to its Visual Intelligence Platform, targeting general contractors, specialty trades, and real estate owners. Customers subscribe by project or portfolio; pricing is customized based on each customer’s annual construction volume and the specific OpenSpace products they adopt. In practice, OpenSpace calculates subscriptions “based on your annual construction volume (ACV) times a rate for the capabilities and services you need”. This means larger builders with many projects pay more, while smaller firms pay less.

The company supports both small and large customers. For example, OpenSpace notes that if a construction firm’s revenue is under $40M, subscription packages generally start at a $10,000 per year minimum. Subscriptions can cover a single project or span an entire portfolio – and OpenSpace allows customers to add new projects or product modules at any time (with proration). Multi-year contracts are also available. In short, OpenSpace sells flexible annual licenses that scale with the customer’s workload.

On the distribution side, OpenSpace uses direct sales and partnerships with industry players. Its website emphasizes a “Talk to an Expert” model – customers request demos and quotes tailored to their needs. It also maintains a Partner network (e.g. with hardware vendors and consulting firms) to reach builders globally. While precise go-to-market details are proprietary, the model mirrors many enterprise software firms: invest heavily in sales/marketing to land large accounts, then grow revenues through upsells (new projects, add-on features). The founders have emphasized that global adoption is broad, so the company likely maintains international sales and remote support to serve users in more than 129 countries.

Revenue Streams of OpenSpace

OpenSpace’s revenue primarily comes from software subscriptions, but it has several streams within that model:

• Platform Subscriptions (Core SaaS). This is the main revenue driver. Customers pay annual fees for access to the OpenSpace platform (Capture, Air, BIM+, Progress Tracking, etc.). Higher-tier plans include advanced features like unlimited project usage, AI analytics, and integrations. The tiered pricing (volume-based) incentivizes large projects. OpenSpace also offers a free basic tier (“OpenSpace Basic”) to bring new users onto the platform, who may later convert to paid plans.

• Add-on Modules. OpenSpace sells additional products on top of core Capture. Notably, OpenSpace Progress Tracking (acquired via Disperse) is an add-on analytics module that automatically measures percent complete and identifies delays. This premium feature is sold as an optional upgrade to subscription plans. Likewise, the OpenSpace Air drone-data module and BIM+ 3D tools are modular – customers pay more for each capability beyond standard photo capture.

• Hardware Sales. Uniquely, OpenSpace monetizes hardware by selling 360° cameras and accessories through its online store. For customers who lack equipment, OpenSpace offers branded bundles. For example, its Shopify-powered store lists Ricoh Theta Z1 and Insta360 X5/X4 cameras, as well as mounting kits and bundles (e.g. an Insta360 X5 bundle for $800). While hardware margins are likely thin, these sales lower adoption barriers and keep revenue within the company.

In summary, subscriptions dominate OpenSpace’s revenue, supplemented by hardware sales and services. The business model focuses on recurring revenue, with upsell opportunities via additional modules and multi-year deals.

Funding and Funding Rounds of OpenSpace

OpenSpace has raised multiple venture rounds to fuel its growth. Its funding history is summarized below:

After the Series D extension, OpenSpace’s total funding exceeds $166M. The latest public financing (Series D in 2022) valued the company at $902M. (According to company statements, nearly $157M was raised in 2021-2022 alone.) This strong venture support underscores investor confidence in OpenSpace’s market leadership and growth trajectory.

Competitors of OpenSpace

OpenSpace operates in the growing construction tech niche of visual site documentation and analytics. Its competitors fall into a few categories:

• 360° Site Capture Platforms: These companies also provide photo documentation of jobsites. Key names include Matterport (best known for 3D scanning of spaces) and HoloBuilder (360° photo documentation focused on construction). Like OpenSpace, HoloBuilder and Matterport create interactive site visuals, but neither has matched OpenSpace’s AI automation. (G2 notes Matterport as the leading alternative and HoloBuilder as a similar app in construction contexts.)

• Drone Imaging Software: Platforms such as DroneDeploy focus on aerial mapping and analytics. OpenSpace’s Air product directly competes here by offering an integrated drone-to-cloud workflow. However, traditional drone services (2D/3D modeling via UAVs) are often complementary rather than direct substitutes for OpenSpace’s ground-level capture.

• Onsite Photo/Video Capture Tools: StructionSite is a notable rival that also provides 360° photo capture for job sites. StructionSite’s approach often requires more manual tagging, whereas OpenSpace emphasizes AI-driven stitching. Other emerging players (e.g. Cupix, OnSiteIQ) similarly target photo/video documentation.

• BIM and Project Management Suites: Large construction software suites like Autodesk Construction Cloud (including BIM 360) and Procore have added site documentation modules. These integrated platforms can include photo or laser-scan data. OpenSpace competes with them on the AI/automation front, though Procore or Autodesk offers broader project controls. (A customer might use OpenSpace for daily capture and Autodesk/Procore for overall project data.)

• AI Progress Tracking Startups: Companies like Buildots and INDUS.AI use AI video analysis to track progress. In fact, OpenSpace acquired one of this group – Disperse – in 2023 (see below) to stay competitive.

Below is a comparison of OpenSpace versus some key alternatives:

Sources: Industry reports and review sites highlight Matterport, HoloBuilder, DroneDeploy, Procore, and Autodesk as common alternatives to OpenSpace. In practice, contractors often use combinations of these tools. OpenSpace’s competitive niche is its AI-driven, easy-to-use workflow that spans ground and drone capture, whereas many alternatives excel in only one area (e.g. aerial imaging or 3D tours) or rely on manual processes.

Competitive Advantage of OpenSpace

OpenSpace’s strengths stem from its technology innovation and user-centric design:

• AI Automation and Ease of Use. Unlike many competitors, OpenSpace automates key tasks. Builders simply walk the site with a 360° camera (attached to a hardhat or held by a worker) and the system automatically maps, stitches, and tags images to floor plans. This hands-off approach – “AI does the heavy lifting” – drastically reduces manual work. In practice, OpenSpace can document 25,000 sq. ft. in about 10 minutes, with visual site views ready in roughly 15 minutes. This speed and simplicity (no elaborate setup) give OpenSpace an edge in the field.

• Rich Dataset & Continuous Improvement. Since 2017 OpenSpace has amassed one of the largest datasets in construction imaging. As of 2022, its customers logged imagery from over 14,000 jobsites totaling more than 10 billion sq. ft.. This extensive “ground truth” has allowed OpenSpace’s AI models to improve in accuracy and reliability. (By 2025 the platform claims over 60 billion sq. ft. captured across 129 countries.) In other words, more builders use OpenSpace and feed back corrections, so the system “learns” and gets smarter. Competing platforms, especially newer entrants, lack this scale of real-world data.

• Platform Depth and Integrations. OpenSpace goes beyond simple photo logs. It is a full-stack visual intelligence platform that includes BIM overlays, field notes, and specialized analytics. For example, the 2023 acquisition of Disperse gave OpenSpace advanced progress-tracking AI. Today, OpenSpace Progress Tracking (combining Disperse tech) can quantify how much of each trade’s work is done on a site, pulling insights from all imagery. OpenSpace also integrates with popular construction tools (e.g. BIM 360, Procore) so its data flows into existing workflows. This breadth makes it more of a one-stop solution, compared to competitors that offer only capture or only management features.

• Global Reach and Industry Validation. OpenSpace has aggressively expanded worldwide. Its platform is available in dozens of languages and used on projects “around the world”. By early 2022 it reported activity in 75+ countries, a figure that grew rapidly. This global footprint (129 countries by 2025) appeals to multinational construction firms.

• Security and Enterprise Readiness. OpenSpace touts enterprise-grade security: its service is SOC 2 certified and even has FedRAMP Moderate authorization. Such credentials (uncommon in the construction tech niche) help win large contracts, especially with government or owner entities. It is also trusted at scale: the site reports 85,000+ projects and 252 employees globally. These factors build customer confidence compared to smaller or less experienced competitors.

• Strong Investor & Customer Support. Extensive venture funding (Lux, Menlo, PSP, etc.) provides OpenSpace with capital to invest in R&D and sales. High-profile backers like Penny Pritzker of PSP Partners bring industry connections (PSP even tested OpenSpace on its own projects). Many investors are construction veterans (e.g. Suffolk Construction, JLL Spark’s fund) who also use the product, validating its value. OpenSpace leverages this support to scale faster than rivals.

In summary, OpenSpace’s competitive advantage lies in its combination of AI-powered automation, a complete product suite, massive user base, and strong execution. While other solutions may do one part of the job, OpenSpace delivers an end-to-end experience for visual documentation and analytics – a distinction often cited by reviewers.

Products and Services of OpenSpace

OpenSpace’s platform consists of several products and related services:

• OpenSpace Capture. The core product. Users capture 360° images by walking the site (via hardhat camera, smartphone, or tablet). The platform automatically stitches and geolocates the imagery into an interactive web interface. As described on the company site: “OpenSpace Capture – A complete visual record of your projects.”. It timestamps photos, pins them to floor plans, and makes the entire jobsite virtually walkable. Capture is the gateway for all other features.

• OpenSpace Air. An extension for drone data. Teams can integrate aerial imagery with ground captures, centralizing all visual data in one platform. The site calls it “a simple, all-in-one tool to manage drone imagery.”. Essentially, builders upload drone survey photos and maps into OpenSpace Air to augment the 360° record.

• OpenSpace BIM+. 3D-enhanced tools for field teams. This module lets users overlay BIM models and plans onto site images in real time, aiding layout and QA/QC. According to marketing material, BIM+ provides “3D tools that simplify daily tasks for the field.”. In practice, foremen can view on their mobile device how installed elements align with BIM, catching errors early.

• OpenSpace Progress Tracking. Introduced after acquiring Disperse, this product uses AI to measure construction progress. It analyzes captured images to determine “what’s built and what’s not” against design models. The result is a clear percentage completion for different trades and components. In effect, Progress Tracking provides automated earned-value metrics. The public blog describes it as a “flexible and reliable solution for clear progress on every project.”.

• OpenSpace Basic. A free (“freemium”) tier introduced to drive adoption. Basic allows small teams or pilot projects to use the core capture tools at no (or low) cost, with options to upgrade later. By lowering the entry barrier, OpenSpace can expand its user base among subcontractors and smaller contractors.

• 3D Scanning (LiDAR). OpenSpace’s mobile app supports LiDAR-enabled iPhones and iPads. Users can perform quick 3D laser scans of a space, which are stored and viewable within the platform. (This feature is particularly useful for capturing areas that are difficult to cover with a camera.) The company introduced this “3D Scan” beta to all users, enabling “accurate three-dimensional scan with two inch measurement accuracy.”.

• Services and Support. Beyond software, OpenSpace provides onboarding and training through its “OpenSpace Academy,” webinars, and customer support teams. Large customers often receive dedicated help integrating OpenSpace with their existing workflows (e.g. linking with Procore or Autodesk). While not publicly priced, these professional services ensure clients get full value from the platform.

For convenience, the products can be summarized as follows:

Each product is built to work seamlessly together. For example, images captured in Capture automatically feed into Progress Tracking and BIM+ analyses. The platform integrates with existing construction software (e.g. exporting data to project management systems) so that OpenSpace becomes part of the broader digital ecosystem on a site.

Conclusion

OpenSpace.ai has quickly emerged as a leader in construction reality capture, with a compelling brand story and solid business footing. From its MIT origins to global deployment, the company has consistently solved real construction pain points using advanced technology. Its easy-to-use, AI-driven platform has resonated with builders worldwide, leading to rapid growth, high-profile funding rounds, and almost-universal pilot-to-customer conversions.

Today, OpenSpace competes by offering builders a single source of truth for the jobsite – something that many in the industry still manage poorly. Its combination of hardware support (camera bundles), software flexibility (modular subscription), and innovative analytics (progress AI) sets it apart. With over ten billion square feet already documented and a valuation nearing $1 billion, OpenSpace seems well-positioned to continue disrupting the $10+ trillion global construction sector.

In summary, OpenSpace’s brand narrative – empowering builders with visual intelligence – is supported by a robust business model and aggressive execution. The company has turned a clear founding vision into reality, winning over contractors and investors alike. As construction firms worldwide move toward digital transformation, OpenSpace’s platform is primed to capture even more of the market and drive efficiency in an industry long in need of innovation.

Also Read: Accrete AI – Founders, Business Model, Funding & Competitors

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