Prop tech firm raises further £575,000 for ‘golden thread’ software
A prop tech business whose software helps companies meet new building safety rules has raised a further £575,000 from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
The latest funding round for Hull-based Bimsense follows the introduction earlier this year of the Building Safety Act, which is designed to improve standards in the wake of the Grenfell Tower fire.
Bimsense’s software, Operance, helps building owners meet the so-called “golden thread” requirement and show that safety has been considered at every stage of a building’s lifecycle, from design and construction to management.
The latest funding will enable the company to develop new modules to meet other parts of the Act – in particular the need to register high-rise residential buildings (HRBs) and produce a safety case report.
Bimsense was founded in 2016 by Ian Yeo and Scott Pilgrim as a consultancy specialising in building information modelling (BIM).
They developed Operance in 2020 with the help of an initial investment from NPIF – Mercia Equity Finance. It has since won industry awards and is now used by industry names such as GallifordTry, REDS10, Algeco, Morrison Construction and RLB.
Pilgrim, chief product officer at Bimsense, said: “The new Building Safety Act has introduced the most sweeping reforms in living memory for the construction and residential property sectors.
“By bringing building intelligence together in one place, Operance can help them meet the challenge.
“NPIF and Mercia have backed us from the start and the latest funding will allow us to add new features and provide further support for the property industry.”
Maurice Disasi, investment manager at Mercia, said: “The Bimsense team have created the world’s first purpose-built ‘golden thread’ solution and we are pleased to have been able to support them.
“Operance will play a key role in helping building owners to comply with the rules and creating safer, more efficient buildings for everyone.”
Phil Glover, business development manager at HEY LEP, said: “We are pleased to see further NPIF funding support for this innovative Hull-based company who are helping the construction industry to reduce carbon emissions and save lives.”
Sean Hutchinson at British Business Bank added: “The Northern Powerhouse Investment Fund offers businesses an alternative route to funding and we are proud to have supported Bimsense from the beginning of its journey.
“The building industry is experiencing substantial change and it is Northern companies like Bimsense that are offering advanced digital solutions to help industry leaders navigate through it.”
