Venture Funding in Construction Tech (Part 2 of 4)

Creating a universal definition for a Building Information Model (BIM) is nearly impossible. However, a commonality is that BIMs are not limited to 3-D modelling, but it is an entire system model extending to data-models, financial models, predictive maintenance models etc. In fact, the UK National Building Specification puts it as a “rich information model” that is shared across all stakeholders ‘from inception to recycling’. The end goal is to structure all project data (dimensions, characteristics, materials, prices, etc.) compiling all information of each process phase in one single file — a digital twin.

UK is enforcing heavy regulations on BIM making the technology at par with US BIM technologies

The UK has a window of opportunity to capitalize on the success of its domestic program and to take on a global leadership role in BIM exploitation, BIM service provision and BIM standards development. After the government mandated ‘BIM Level 2’ on all the public projects the country has saved 20% on construction costs from 2009 to 2015. Level 2 BIM requires all parties on construction projects — architects, engineers, contractors, material suppliers — to communicate via common file formats like Construction Operations Building Information Exchange (COBie) or Industry Foundation Class (IFC). France, Finland, Sweden, Denmark, Norway, and Germany are taking similar initiatives, creating a huge opportunity exclusive to Europe.

With increasing urbanization and smart cities gaining momentum, all the major countries around the globe have started paying attention to BIM.

BIM implementation in the US has not been mandated on a national level. This is because unlike the UK, public construction projects are not handled by one agency.[3] Thus BIM technology will be based on the relation between the client and contractor with different methods for each project. However, this does not mean that BIM has no place in US construction. In fact, non-uniformity encourages competition and causes BIM adoption to spread rapidly across the US construction industry.[4]

3. Construction Dive

4. Cemex Ventures

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