MTR Lab and Gobi Partners Invest $5.9 Million in isBIM for Sustainable Construction Tech Advancements

MTR Lab and Gobi Partners Invest $5.9 Million in isBIM for Sustainable Construction Tech Advancements

MTR Lab, in collaboration with venture capital firm Gobi Partners GBA, has made a substantial investment of HK$46.8 million (US$5.9 million) in the Hong Kong-based construction technology company, isBIM. The purpose of this significant funding is to propel the construction industry towards a more data-driven, digital future and foster sustainability in the building sector.

This strategic investment aims to strengthen isBIM’s capabilities, enhancing its position as a leader in the construction technology space. The joint statement released on Friday evening highlighted the allocation of these funds to key areas, including research and development of isBIM’s Jarvis software as a service (SaaS) project management platform, the improvement of artificial intelligence and data analysis capabilities, the expansion of sales channels, and the creation of robust partner networks.

One of the primary goals of this initiative is to tackle the environmental impact of the construction industry. Danny Chong, Executive Director of Gobi Partners GBA, stressed that construction waste is a significant contributor to Hong Kong’s landfills. By digitizing the construction process, isBIM’s technology is not only enhancing safety and productivity but also reducing the wastage of construction materials. This aligns with the broader aim of improving efficiency and sustainability.

In 2021, Hong Kong landfills received a staggering 3,646 tonnes of construction waste daily, accounting for 23.4% of the city’s total solid waste, according to data from the Environmental Protection Department. IsBIM’s AI-enabled SaaS platform, data-driven solutions, and digital twin applications play a crucial role in boosting operational efficiency, optimizing energy consumption, enhancing safety measures, and contributing to environmental, social, and governance (ESG) reporting.

Elvis Li, CEO of isBIM, emphasized the company’s vision to drive technological advancements across all aspects of construction. With over a decade of experience and more than 2,000 projects worldwide, totaling a billion square feet in building information modeling (BIM), isBIM is well-positioned to revolutionize the construction sector.

MTR Lab and Gobi Partners GBA secured their position by subscribing to the series A-1 preferred shares of isBIM, receiving approval from C Cheng Holdings, the largest shareholder of isBIM.

Michael Chan, Managing Director of MTR Lab, concluded that embracing digital transformation in the construction industry is essential for meeting the future’s evolving demands. Advanced BIM technologies and data-driven solutions like those offered by isBIM promise to improve operational efficiencies and enhance sustainable practices across the industry, marking a pivotal step toward a greener and more efficient future for construction in Hong Kong.