Mr. Ghislain Lemire reports

URBANIMMERSIVE UNVEILS ULTRA-FAST 3D DIGITAL TWINS & 2D FLOOR PLAN SCANNING APP

Urbanimmersive Inc. has launched a new version of its iOS and Android UiCapture application. This new version offers ultrafast property scanning capabilities for producing 3-D digital twins with detailed 2-D floor plans. This pivotal development promises to set a new benchmark in real estate photography marketing efficiency and effectiveness, supporting 3-D 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 on site. 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 3-D digital twins and floor plans, a scanning process that previously took 20 to 30 minutes for a 2,000-square-foot 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 ultrafast scanning and ease of use, but also guarantees a meticulously detailed 2-D floor plan as part of an immersive 3-D digital twin tour.

Given that the time photographers spend on site constitutes the most significant cost component of 3-D digital twins and floor plan creation, the ultrafast scanning new version catapults Urbanimmersive to a leading position in market competitiveness, enabling the company to offer competitive pricing for digital twins and 2-D floor plan creations, while sustaining its margins for both its services and SaaS (software-as-a-service) 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 3-D digital twin and floor plan services to their clients through the company's SaaS platform.

Moreover, the introduction of the new ultrafast UiCapture app establishes Urbanimmersive as a serious player in the rapidly expanding 2-D 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 2-D floor plan measurements. While many competing apps offer quick scanning capabilities, they predominantly produce only 2-D floor plans. Achieving consistent quality in immersive 3-D 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 3-D tours.

Ghislain Lemire, chief executive officer of Urbanimmersive, commented: "Looking ahead, Urbanimmersive foresees that this launch will not only revolutionize the realm of real estate 3-D digital twins marketing but also foster a broader acceptance and utilization of 3-D digital twin technology as the premier solution for 3-D tours and floor plans. Moreover, the 360-degree video recording approach utilized by the new version unlocks new visual content possibilities within the 3-D 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 United States, has seen dynamic shifts in recent years. In 2022, the U.S. witnessed a total of five 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 2-D floor plans with 3-D digital twins, Urbanimmersive is poised to cater to the evolving preferences of today's property buyers, enhancing the buying experience and offering unparalleled transparency.

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 $132.9-million (U.S.) and, by 2022, it increased to $143.8-million (U.S.). With projections indicating that the market will reach $262.4-million (U.S.) by 2028, it becomes evident that home inspections play a pivotal role in real estate transactions.

Furthermore, a survey from Porch highlighted that 88 per cent 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 $100-billion (U.S.) by 2029, the potential addressable market for Urbanimmersive's innovative floor plan solutions is vast. By integrating detailed 2-D floor plans with 3-D 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 per cent 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.

About Urbanimmersive Inc.

Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The company's all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3-D tours and floor plans, leading-edge property websites, and high-resolution artificial intelligence-indexed images. The company's operating segments include software (SaaS), 3-D 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.

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