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 Rob Phillpot and Leigh Jasper who stated they were impressed by Veyor's success winning prestigious projects and clients in the short time frame since its founding.
Other investment came in from up and coming funds such as Spring Capital and Helix Ventures.
With a large recruitment drive underway, the company plans to use the capital to double its Australian workforce and grow its research and development to expand its product range.
Veyor sparked market interest with the development of their construction app, which aims to revolutionise how Australia's sizable building and infrastructure projects are managed.
According to the company, the Veyor platform is already helping streamline complex supply chain coordination on mega projects including stadiums and major rail and station developments across Brisbane, Sydney and Melbourne, providing crucial time savings and cost reductions.
Veyor CEO and co-founder, Richard Fifita, says interest in the company's capital raising, particularly from industry heavyweights, exceeded expectations.
Fifita says, “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."
He says, “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.
Annual Recurring Revenue (ARR) has surpassed $1 million and the team anticipate 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.
Phillpot says, “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."
Veyor states the company is now widening its product range expanding its market from construction to facilities management, with a focus on access management and scheduling.
Fifita says, “There are a lot of synergies between construction and facilities management, and we've attacked problem areas that are common to both, allowing us to easily expand our product range across both sectors.
He adds, “The calibre of clients and partners that Veyor is attracting shows the potential of our business.
With cloud-based logistics scheduling and planning, Veyor is focused on helping users manage daily materials handling and site activity.
Since its successful maiden run on Sydney's tallest skyscaper project in 2018, Veyor is now being used by contractors throughout Australia, NZ and the UK to streamline logistics and daily site activity, creating supply chain visibility and project efficiency.
Users are able to coordinate on one central platform, with full project data collected to provide better understanding of utilisation and performance.
The Veyor team is focused on eliminating productivity stagnation in the global construction industry, with better organisation, scheduling and planning in real time.