A proptech business that helps owners of high-rise buildings to meet strict new safety rules has raised a further £750,000 from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund.

Bimsense’s platform helps companies comply with the Building Safety Act, which aims to improve safety in the wake of the Grenfell Tower fire and is being introduced in phases since its release last year. The funding will enable the Hull-based company to add new features to its Operance platform in response to the latest measures to come into force.

The Act requires owners of ‘higher-risk buildings’ – which covers around 13,000 properties – to register them with the Building Safety Regulator and assess the safety risks. As from 1 October they also have to produce a safety case report to show how the risks will be managed, while in April 2024 further provisions come into force on the collection of building information.

Bimsense was founded seven years ago by Ian Yeo and Scott Pilgrim, who specialise in building information modelling (BIM). They launched Operance in 2020 with the help of funding from NPIF – Mercia Equity Finance. The latest round, the third to date, brings the total received from the fund to over £1.8m.

Operance is now used by housing authorities such as Campden, Basildon and Harrow and construction firms including Kier, Higgins, United Living, Vermont and Rider Levett Bucknall. Bimsense increased turnover by 44% in the financial year ending in August. The company, which currently employs 22 staff, expects to create six new jobs in the year ahead.

Scott Pilgrim, Chief Product Officer at Bimsense, said: “We are excited to secure this additional funding which supports our mission to manage the world’s building information and create safe, harmonious places for everyone. Our Operance platform has been at the forefront of innovation, helping companies meet the requirements of the new building safety regime efficiently. This funding will enable us to take it to the next level.”

Maurice Disasi, Investment Manager at Mercia said: “The Building Safety Act will bring about major changes in the construction and property industry and will drive uptake of digital technology. Operance is the first platform that has been specifically designed to help firms meet the requirements of the Act. This latest funding will enable the company to add new features and expand its presence in an industry that is ripe for change.”

Debbie Sorby, Senior Manager at British Business Bank, said: “This investment exemplifies the impact the Northern Powerhouse Investment Fund has in supporting the strengthening of communities and bettering the lives of people across the country. Bimsense is an excellent example of a company working to ensure that modern technologies exist to help make industries more efficient, especially where keeping on top of regulations is key. I look forward to seeing the team grow as Bimsense continues to set an example for the wider construction industry.” 

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. 

About Mercia Ventures

Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech. 

Mercia Ventures is part of Mercia Asset Management PLC and sits alongside its wider private equity, debt and proprietary balance sheet capital operations. The Group has 11 offices in the UK and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. Mercia Asset Management PLC currently has c.£1.4billion of assets under management and, since its IPO in December 2014, has a portfolio of over 400 start-ups from pre-seed to Series B. Mercia Asset Management PLC is quoted on AIM with the epic “MERC”.

The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds and 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