Australian-owned technology company Veyor has just 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. Other investment came in from up-and-coming funds such as Spring Capital and Helix Ventures.
CEO & 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 $3m, 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.”
Annual Recurring Revenue (ARR) surpassed $1million. Rob Phillpot, one of the co-founders of Aconex which was sold to Oracle for $1.6B 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.
“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,” Mr Fifita added.