Partner:Mercia Fund Managers
Programme:Northern Powerhouse Investment Fund
Two construction experts who aim to revolutionise the industry through the use of digital technology raised £250,000 to bring their smart building software to market.
Ian Yeo and Scott Pilgrim launched Bimsense four years ago after becoming frustrated by the traditional approach to building design, construction and management. The Hull-based consultancy has advised on major developments throughout the UK and internationally and has now developed its own operations and maintenance software, Operance.
The funding from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, will allow it to commercialise the system and create 10 new jobs over the next two years.
Bimsense specialises in building information modelling (BIM), which allows construction projects to be created digitally before they are built to address issues normally identified on site or after completion. This helps save time and money, improve quality and reduce potential safety risks. The data it provides also enables building owners to operate and maintain the building efficiently over the long term.
BIM is widely accepted as the best way to achieve the government’s aim of reducing construction and operating costs by a third, and is in line with the Grenfell Tower report’s recommendation to create a digital lifecycle record. Operance help meets this challenge by creating a ‘golden thread’ – a digital audit trail covering the entire history of facilities, enabling better decision making and increased accountability.
Ian Yeo, CEO at Bimsense, said: “We’re delighted and excited to secure this investment to deliver our long-term ambition of digitising and ‘humanising’ building information to help create safer, healthier places for people to live, work and spend their leisure time.
“We know the devastating effects that poor, mismanaged information and ill-informed decisions can have on people’s lives. This funding helps us to tackle these issues, by enabling project teams to develop better quality information for end-users to access in a really easy, user-friendly way.”
Maurice Disai, Investment Associate of Mercia said: “Although construction and property management is the fourth biggest contributor to GDP, it is one of the least digitised sectors. The Operance system could have a huge impact in terms of reducing costs and improving safety and quality of life for building users.
“The proof of concept version of this software has already generated a great deal of interest within the industry by showing the cost and performance benefits of using a digital building information platform. The funding will allow Bimsense to further enhance the product and bring it to market.”
Stephen Parnaby OBE, Chair of the Humber LEP, said: ““We are delighted to see another Humber business benefit from the Northern Powerhouse Investment Fund, which continues to bring vital finance to the region’s businesses. This funding will not only create additional local employment and opportunities within the supply chain, but will also help many other construction companies through its innovative software.”
Mark Wilcockson at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to unlock the Humber’s growth potential by supporting small growing businesses with vital investment, particularly those that have the potential to revolutionise their respective sector.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363). EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).
If you would like to meet with one of NPIF's appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area