In that specific example sentence, they would mean basically the same thing, yes.
They have slightly different meanings though, and cannot always be used interchangeably. ‘Build upon’ is equal to ‘build on’ (which might be easier to find in a dictionary) so the difference comes down to the difference between ‘up’ and ‘on’.
‘Build on’ or ‘build upon’, implies that there is already something there to be built on, e.g. ‘The house was built upon a foundation’, ‘I look forward to the opportunity to build on my success’.
‘Build up’ just means to increase, so there may or may not be something already there to increase, e.g. ‘They will need to build up more speed’, ‘The movie really built up suspense’.