MTR Lab and Gobi Partners invest US$5.9 million in Hong Kong construction tech company to drive industry towards greener future
- Construction waste is a significant contributor to landfills in Hong Kong, accounting for 23.4 per cent of the city’s total solid waste in 2021
- Construction industry needs to embrace digital transformation and be better prepared to meet the needs of the future, MTR Lab managing director Michael Chan says
MTR Lab and venture capital firm Gobi Partners GBA have invested HK$46.8 million (US$5.9 million) in Hong Kong-based construction tech company isBIM to drive digital transformation and sustainability in the building industry.
The investment will enhance the construction technology company’s capability to move the industry towards a more data-driven, digital future, as well as fuel its future advancements and business growth, according to a joint statement on Friday evening.
The proceeds will be utilised for research and development of isBIM’s Jarvis software as a service (SaaS) project management platform for construction, improve the company’s artificial intelligence and data analysis capabilities, expand its sales channels and partner networks, the statement said.
“Construction waste has been a significant contributor to landfills in Hong Kong,” said Danny Chong, executive director of Gobi Partners GBA.
“By digitalising the construction process, isBIM’s technology not only boosts safety and productivity at project sites, but it also reduces the wastage of construction materials, contributing to overall efficiency and sustainability.”
Some 3,646 tonnes of construction waste was sent to Hong Kong’s landfills each day in 2021, accounting for 23.4 per cent of the city’s total solid waste, according to the latest figures in December from the Environmental Protection Department.
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IsBIM’s AI-enabled SaaS platform, data-driven solutions and digital twin applications help boost the operational efficiency of construction projects, as well as optimising energy efficiency, enhancing safety and improving environmental, social and governance (ESG) reporting.
“IsBIM has a long-standing vision to drive technological advancement across all [aspects of construction], improving economic returns, project quality, safety and sustainability throughout the building process,” said Elvis Li, CEO of isBIM.
Since 2010, it has engaged in more than 2,000 projects across the globe, creating some 1 billion sq ft in building information modelling (BIM), according to its website.
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“There is an imminent need for the construction industry to embrace digital transformation and be better prepared to meet the needs of the future,” said Michael Chan, managing director of MTR Lab.
“Advanced BIM technologies and data-driven solutions like isBIM’s can help the construction sector improve operational efficiencies and enhance sustainable practices,” said Chan.
MTR Lab and Gobi Partners GBA subscribed to the series A-1 preferred shares of isBIM after receiving approval from Hong Kong-listed architectural service provider C Cheng Holdings, the largest shareholder of isBIM.
