“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,” Aconex co-founder Rob Phillpot comments.
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 research and development to expand its product range.
Veyor sparked market interest with the development of their construction app, which the company claims, is revolutionising how infrastructure projects are managed.
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.
Veyor CEO and co-founder Richard Fifita says 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,” Fifita explains.
“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,” Fifita adds.
According to Veyor, annual recurring revenue (ARR) has surpassed $1 million.
Veyor is expanding its market from construction to facilities management with a focus on access management and scheduling.
“There are a lot of synergies between construction and facilities management, and we’ve tackled problem areas that are common to both, allowing us to easily expand our product range across both sectors,” Fifita concludes. “The calibre of clients and partners that Veyor is attracting shows the potential of our business.”