Hong Kong-based construction tech company isBIM has received an investment of HK$46.8 million (US$5.9 million) from MTR Lab and venture capital firm Gobi Partners GBA. The aim of this investment is to drive digital transformation and sustainability in the building industry, according to a joint statement released on Friday evening.
The funding will enable isBIM to enhance its capabilities and facilitate the industry’s transition towards a data-driven, digital future. It will also support the company’s future advancements and business growth, as outlined in the statement.
The proceeds from the investment will be used for various purposes, including the research and development of isBIM’s Jarvis software as a service (SaaS) project management platform for construction. Additionally, the company will focus on improving its artificial intelligence and data analysis capabilities, expanding its sales channels and partner networks.
By digitalizing the construction process, isBIM’s technology aims to improve safety, productivity, and efficiency at project sites while reducing construction waste. This is especially crucial in Hong Kong, where construction waste constitutes a significant portion of the city’s total solid waste.
isBIM’s AI-enabled SaaS platform, data-driven solutions, and digital twin applications play a critical role in enhancing the operational efficiency of construction projects. Moreover, they contribute to optimizing energy efficiency, enhancing safety, and improving environmental, social, and governance (ESG) reporting.
With a vision to drive technological advancements across all aspects of construction, isBIM has been involved in over 2,000 projects worldwide since 2010, creating an impressive 1 billion sq ft in building information modeling (BIM).
The construction industry needs to embrace digital transformation to meet the demands of the future. This investment is a step towards achieving that goal and ensures better preparedness within the industry, as stated by Michael Chan, the managing director of MTR Lab.
Leveraging advanced BIM technologies and data-driven solutions like isBIM can greatly improve operational efficiencies and promote sustainable practices in the construction sector.
In a collaborative effort between MTR Lab, a subsidiary of Hong Kong’s railway operator, and Cyberport, digital start-ups are being jointly invested in to support Hong Kong’s development into a smart city. With an investment outlay of over HK$300 million from 2022 to 2025, MTR Corp is committed to this endeavor.
(Source: Martin Choi | South China Morning Post)
