Market News
Recent Developments:
New product launches:
- In May 2023, UpCodes is a comprehensive code compliance platform, introduced "Copilot," an AI-powered tool that is designed to simplify the complexities of building codes. Utilizing ChatGPT-4 technology, Copilot functions as a research aide, thereby addressing intricate code inquiries and enhancing responses with direct links to pertinent code sections.
- In March 2021, UpCodes, a startup specializing in building-code compliance solutions, revealed that it secured US$3.36 million in pre-Series A financing, thus bringing its cumulative fundraising to US$4.15 million. The primary investment in this round came from Point Nine Capital, a Germany based firm renowned for its investments in SaaS and online marketplace ventures.
Acquisition and partnerships:
- In October 2023, Ketchum city officials announced plans to collaborate with an external entity for inspections and various building department tasks. This decision comes in response to shifts in the Idaho Division of Building Safety's approach to enforcing specific local building codes and concerns regarding the work performed by the state agency.
- In January 2022, Bureau Veritas, a global frontrunner in testing, inspection, and certification, reveals its acquisition of PreScience. This U.S.-based firm is renowned for its excellence in Project Management and Construction Management services, particularly in transportation infrastructure projects, including highways, bridges, and rail/transit. This helped expand Bureau Veritas’ construction project management expertise.
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