…As digital twin market to growth 58% to $48.2bn by 2026
…Forbes forecast 500 major world cities to rely on Digital Twins operationally in 5 years
Ben Eguzozie, with wire report
The share price of Digital Twin company, Cityzenith surged following forecasts by MarketsandMarkets that the Digital Twin market will grow 58 per cent a year to $48.2 billion by 2026. Hence, stock in Cityzenith rocketed from $0.575 cents to $1.50 per share in just five months.
Cityzenith was also named as a sector leader alongside Siemens, Philips and Microsoft in various market reports over the past year.
The share price rise followed major contract wins in the Middle East, United States and Europe, as well as a $2.5 million surge of investment in the Chicago-based company since late 2020, when Cityzenith launched a $15 million Regulation A+ crowdfunding investment platform on its website.
Cityzenith digital twin company, founded by Michael Jensen, is based in Chicago (USA) with offices in London (UK) and New Delhi (India). The company’s SmartWorldOS Digital Twin platform was created for anyone designing, constructing, and managing complex, large-scale building projects, properties, and real estate portfolios but has developed to cover infrastructure, energy projects, transport, health, people movements, and whole cities.
The company has now passed the 5,000-investor milestone, and raised over $9 million since inception; and this funding will support Cityzenith’s growth trajectory and a $9 million revenue pipeline of international Digital Twin projects for 2021.
These include a large and ground-breaking de-carbonisation energy project in the US, prestigious $1 million Middle East contract, US government agency project, and a strategic partnership that helps commercial building owners achieve carbon neutrality in 23 major cities. The company’s technology is also well-positioned to help enable President Joe Biden’s post-COVID ‘Build Back Better’ Plan.
According to Pitchbook, at least 56 investment deals were completed for Digital Twin companies since the start of 2020, totalling $284 million.
Jensen said: “the Digital Twin market is taking off and our Regulation A+ capital raise is flying too as word spreads through all media, including investor webinars like our free event next Tuesday, 27 April.”
He said: “Extra funding allows us to fully exploit contracts and wider opportunities quickly opening up for Digital Twins, 3D virtual replicas of buildings and infrastructure optimising design, construction, and operational management. Our user-friendly SmartWorldOS platform is unique in its flexibility to work with almost any existing technology and data and tackle projects of any size – building, campus, district, city, county, state, country – while other companies still try to repurpose old software or sell managed services originally designed for modelling buildings, not whole cities or mega-projects. We were ahead of our competitors with our investment in R&D before launch, building our tech platform alongside major partners such as Cushman & Wakefield, Foster + Partners, CBRE, and Atkins Group.”
Jensen said his company has a goal to announce more contract wins shortly that will impact its revenues for the next 5-10 years.
“We have won international awards for our work in Digital Twins and smart city infrastructure, including Manufacturing Technology Insights ‘Top 10 Digital Twin Provider’, a Realcomm Digie Award, World Smart Cities Award, and a Chicago Innovation Award, while also named as a ‘leading Digital Twin practitioner’ by the BBC, in addition to 1,000 mentions in Forbes and other major media over the past year.
According to the United Nations, cities produce more than 70 per cent of global carbon emissions. Cityzenith’s ‘Clean Cities – Clean Future’ Digital Twin mission has pledged to donate SmartWorldOS to key cities around the world, one at a time, to help the most polluted become carbon neutral. The company will announce the first few participating cities soon.
Meanwhile, Forbes has forecast that 500 major world cities will rely on Digital Twins operationally within five years – Cityzenith has already signed $4.5 million worth of commercial Digital Twin contracts this year.
Cityzenith was the only Digital Twin company chosen alongside nine other US innovators to join a NASA ‘Ignite the Night: Aeronautics’ event. NASA engineers were keen to learn how SmartWorld might enable safe, less congested and carbon-free transport in the airspace above our cities, using electric-powered drones and air taxis.
Meanwhile, shareholders have reacted positively to Cityzenith’s news, with comments including: Cityzenith is well positioned in the Digital Twin sector, one of the top 10 tech markets set for growth. Many companies are talking about developing Digital Twins now, but Cityzenith is past all that and executing contracts.
For instance, Yousef Siddiqui, a US-based medical consultant, who backed Cityzenith with a $2 million investment, said, “I invested in Cityzenith to be a part of the transformation from just existing in this world, letting what happens happen, to being an active participant in sustaining and living in this world. Cityzenith is transforming properties, communities, and cities across the globe to help all people to live in a cleaner, safer environment.”