Australian-owned technology company Veyor has concluded an equity capital raising topping $4 million, piquing the interest of construction industry heavyweights.
Veyor’s technology has been backed by investors including Aconex co-founders Rob Phillpot and Leigh Jasper. Other investment came in from up-and-coming funds such as Spring Capital and Helix Ventures.
With a massive recruitment drive underway, the company plans to use the capital to double its Australian workforce and grow its R&D to expand its product range.
Veyor sparked market interest with the development of their construction app, which is being used for managing some of the largest building and infrastructure projects in Australia. The app is already helping streamline complex supply chain coordination on mega projects including stadiums and major rail and station developments across Brisbane, Sydney and Melbourne.
Veyor CEO and Co-founder, Richard Fifita, said interest in the company’s capital raising, particularly from industry heavyweights, exceeded expectations.
“We had only set out to raise $3 million, and the level of interest we received was a clear indication of the potential for Veyor to become one of the most successful construction technology companies in Australia and an acknowledgement of the calibre of the team we have on board,” Mr Fifita said.
“Investors have commented that the maturity of our company stands out, despite being a relative newcomer. This is only the start for Veyor and we are excited to continue our growth into adjacent markets and new regions including the US and the UK.”
Veyor’s Annual Recurring Revenue (ARR) has surpassed $1 million and the team anticipates a continued acceleration in growth
Rob Phillpot, one of the co-founders of Aconex which was sold to Oracle for $1.6 billion in 2017, is among those to have invested.
“The public perimeter of construction sites is a busy, dangerous and chaotic place – full of trucks, heavy equipment, materials, busy roads and the public. Veyor takes this chaos and creates order. It’s a no brainer,” Mr Phillpot said.
Veyor is now widening its product range expanding its market from construction to facilities management, with a focus on access management and scheduling.
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