A Hull Prop Tech business whose software helps companies to meet new building safety rules has raised a further £575,000 from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund.

The latest funding round for 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 multiple industry awards and is now used by well-known industry names such as GallifordTry, REDS10, Algeco, Morrison Construction and RLB.

Scott 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 delighted 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, said: “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.”

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.

ENDS

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About BIMSense

BIMSense helps clients develop and convey BIM requirements and expectations, policing design and delivery outputs. It digitally builds an asset before its physical construction, in order to reduce risks related to time, quality, cost and safety.

Founders Ian Yeo and Scott Pilgrims’ complimentary skill sets and visions evolved into a wish to inspire the future of building via BIM. By fusing collaboration, innovation and affordability, the BIMSense vision is to make BIM easier for all to adopt.

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£1.4 billion of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.

The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs) details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –

• Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
• Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
• EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560

www.mercia.co.uk

About The Northern Powerhouse Investment Fund

• The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
• The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
• The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
• The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Hull and East Yorkshire, Leeds City Region, Sheffield City Region, and York & North Yorkshire
• The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
• The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
• The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb