Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX
VENTURE: UI) (OTCQB: UBMRF), a leading provider of 3D digital twin
solutions in real estate marketing, is pleased to announce the
launch of a new version of its iOS and Android UiCapture App. This
new version offers ultra-fast property scanning capabilities for
producing 3D digital twins with detailed 2D floor plans. This
pivotal development promises to set a new benchmark in real estate
photography marketing efficiency and effectiveness supporting 3D
digital twins and floor plan adoption.
Real estate photography is a high-volume
business where every minute counts for both the photographers who
want to complete as many photoshoots as possible before sunset and
for the agents that need to minimize client disturbance time
onsite. In this fast-paced environment, the newly enhanced
UiCapture App emerges as a beacon of innovation, markedly reducing
the time associated with capturing visual content required for the
creation of 3D digital twins and floor plans, a scanning process
that previously took 20 to 30 minutes for a 2,000 sq ft property
with the previous version of its UiCapture app. By leveraging a
state-of-the-art 360-degree camera video recording technique, the
new UiCapture App delivers not only ultra-fast scanning and ease of
use but also guarantees a meticulously detailed 2D floor plan as
part of an immersive 3D digital twin tour.
Given that the time photographers spend onsite
constitutes the most significant cost component of 3D digital twins
and floor plan creation, the ultra-fast scanning new version
catapults Urbanimmersive to a leading position in market
competitiveness, enabling the Company to offer competitive pricing
for digital twins and 2D floor plan creations while sustaining its
margins for both its Services and SaaS business segments. This
enhancement not only benefits agents working directly with
Urbanimmersive's photography service brands but also aids
independent photographers in leveraging the innovation to broaden
their 3D digital twin and floor plan services to their clients
through our SaaS platform.
Moreover, the introduction of the new ultra-fast
UiCapture App establishes Urbanimmersive as a serious player in the
rapidly expanding 2D floor plan creation sector within the real
estate marketing as well as in the home inspection industry, where
technological competition is primarily driven by the speed of home
scanning and the precision of 2D floor plan measurements. While
many competing apps offer quick scanning capabilities, they
predominantly produce only 2D floor plans. Achieving consistent
quality in immersive 3D tours generally necessitates a separate,
additional process and cost. Contrarily, the UiCapture App presents
a comprehensive solution, eradicating the necessity for a distinct
process to generate 3D tours.
Ghislain Lemire, CEO of Urbanimmersive
commented: "Looking ahead, Urbanimmersive foresees that this launch
will not only revolutionize the realm of real estate 3D digital
twins marketing but also foster a broader acceptance and
utilization of 3D digital twin technology as the premier solution
for 3D tours and floor plans. Moreover, the 360-degree video
recording approach utilized by the new version unlocks new visual
content possibilities within the 3D tour viewer itself, setting the
stage for Urbanimmersive to leverage this in an upcoming product,
scheduled for a near-future release. As Urbanimmersive continues to
pioneer developments in this sphere, clients can look forward to
even more advanced features and functionalities that streamline
processes and elevate property presentations to unprecedented
heights."
Understanding the Economic Importance of
Floor Plans in the Real Estate Landscape
The real estate market, particularly in the
U.S., has seen dynamic shifts in recent years. In 2022, the U.S.
witnessed a total of 5.0 million housing transactions, a decline
from 6.1 million transactions in 2021. As of May 2023, the annual
number of transactions for single-family homes and condos or co-ops
was recorded at 4.3 million. These figures underscore the vast
number of property listings for potential buyers every year.
In such a competitive market, the need for
comprehensive property information becomes paramount. Floor plans,
as highlighted by the National Association of Realtors (NAR), have
emerged as a crucial tool for buyers, offering a clear
understanding of property layouts and aiding in informed
decision-making. With millions of transactions taking place, the
potential addressable market for Urbanimmersive's innovative floor
plan solutions is substantial. By integrating detailed 2D floor
plans with 3D digital twins, Urbanimmersive is poised to cater to
the evolving preferences of today's property buyers, enhancing the
buying experience and offering unparalleled transparency.
*Source: [Statista - U.S. existing home sales 2005-2023]
(https://www.statista.com/statistics/226144/us-existing-home-sales/)*
The Economic Significance of Home
Inspections and the Role of Floor Plans
The home inspection market has witnessed
substantial growth in recent years, emphasizing its importance in
the real estate sector. In 2021, the global Home Inspection
Software market was valued at $USD 132.9 million, and by 2022, it
increased to $USD 143.8 million. With projections indicating that
the market will reach $USD 262.4 million by 2028, it becomes
evident that home inspections play a pivotal role in real estate
transactions.
Furthermore, a survey from Porch highlighted
that 88% of buyers utilized the services of a home inspector for
their most recent home purchase. This underscores the significance
of providing comprehensive property information, including detailed
floor plans, to facilitate these inspections and offer potential
buyers a clear understanding of property layouts.
With the global residential home inspection
market expected to reach a staggering $USD 100 billion by 2029, the
potential addressable market for Urbanimmersive's innovative floor
plan solutions is vast. By integrating detailed 2D floor plans with
3D digital twins, Urbanimmersive is strategically positioned to
cater to the evolving needs of the home inspection industry,
enhancing the inspection process and offering unparalleled clarity
and transparency.
Moreover, approximately 70% of all homes sold in
North America undergo a home inspection. Considering the 5.64
million existing homes sold in the U.S. in 2023, this translates to
around 3.9 million homes that would have undergone a home
inspection in the U.S. alone. This vast number underscores the
immense demand for detailed and accurate floor plans in the home
inspection process, further highlighting the significance of
Urbanimmersive's offerings in this industry.
*Sources: [Digital
Journal](https://www.digitaljournal.com/pr/news/prwirecenter/home-inspection-software-market-2023-growth-with-trends-and-scope-top-manufactures-are-etc-2031),
[WebinarCare](https://webinarcare.com/best-home-inspection-software/home-inspection-statistics/),
[Home Inspection
Trends](https://homeinspectiontrends.com/home-inspection
About Urbanimmersive
Urbanimmersive develops and commercializes real
estate photography technologies and services focused on redefining
industry visual content standards. The Company all-in-one
platform enables high-volume photography businesses to increase
operational productivity delivering feature-rich 3D tours and floor
plans, leading-edge property websites and high-resolution
AI-indexed images. The Company operating segments include
software (SaaS), 3D photography equipment and, in a growing number
of North American cities, technology-powered real estate
photography service business units leading the industry
photo-shoots standards transformation. Learn more at
urbanimmersive.com.
Caution of Forward-Looking Statements
Certain statements in this news release, other
than statements of historical fact, are forward-looking information
that involves various risks and uncertainties. Such statements
relating to, among other things, the prospects for the company to
enhance operating results, are necessarily subject to risks and
uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from
information contained herein. There can be no assurance that such
statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements. These and all subsequent written and oral
forward-looking statements are based on the estimates and opinions
of the management on the dates they are made and expressly
qualified in their entirety by this notice. The Company assumes no
obligation to update forward-looking statements should
circumstances or management estimates or opinions change.
For more information, please contact:
Urbanimmersive Ghislain Lemire President & CEO 514-394-7820
X 202ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA,
CFA, MBAChief Financial Officer514 394-7820
X 224simonbedard@urbanimmersive.com
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