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 who 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 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 market-leading construction app which is revolutionising how Australia’s largest building and 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, providing crucial time savings and significant cost reductions.
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) has surpassed $1million and the team anticipate a continued acceleration in growth
Rob Phillpot, one of the co-founders of Aconex which was sold to Oracle for $1.6B 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.
Veyor is now widening its product range 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 attacked problem areas that are common to both, allowing us to easily expand our product range across both sectors,” Mr Fifita added.
Proof of that push to explore other opportunities is the recent addition of Scentre Group to Veyor’s client list.
“That is the calibre of clients and partners that Veyor is attracting and shows the potential of our business.”
What Are Some Of The Challenges Of Crane Management ?
It being a complex process that requires careful planning, organization, and coordination, there are several challenges that Site Managers or Superintendents face when managing their cranes, such as:
1. Weather Conditions
Changing weather can significantly impact crane operations. High winds, rain, and snow can make it unsafe for cranes to operate, and extreme temperatures can affect the crane's performance. Site Managers or Superintendents need to keep an eye out for any difficult weather conditions and plan ahead for alternatives such as shifting materials using internal lifts or having set areas to store the additional materials when cranes can’t operate. For example, some site teams set up warehousing areas on-site to store surplus materials that helps teams keep busy when there is a slow down in material delivery flow.
2. Site Constraints
Many construction sites have limited space, making it challenging to maneuver cranes around. Careful planning of the crane’s movements needs to be coordinated to avoid any obstacles that could be in its path. Superintendents or Site Managers also need to consider the crane's height and weight limitations to avoid damaging the site's infrastructure. Additionally, the location of the crane, access to unloading zones on roads, and staging areas need to be taken into consideration to ensure that the crane can operate safely and efficiently.
3. Availability of Cranes
Depending on the size and complexity of the project, multiple cranes may be required. Site Managers or Superintendents need to ensure that there are enough cranes available to meet the project's needs and that the cranes are being used effectively to avoid downtime. When this isn’t planned properly at the start of the job, supplementary mobile cranes are often brought in, which come at a high cost.
4. Scheduling Conflicts
Construction projects involve many different subcontractors, each with their own schedules and timelines. Scheduling conflicts can easily arise when multiple teams need to use the crane at the same time, leading to delays and inefficiencies. Good collaboration between all parties involved is essential to ensure that the assets are being used efficiently.
5. Human Error
Crane operators and other on-site personnel need to be trained to operate the crane safely and efficiently. Poor communication, lack of experience, and scheduling clashes can lead to accidents on-site. In order to minimize the risk, Site Managers or Superintendents need to provide proper training and supervision to ensure that everyone on the site is collaborating and communicating. When new high risk activities are undertaken, it is also crucial that site teams perform an appropriate lift study that is audited by all key stakeholders prior to work commencing.
How to Optimize Your Crane Management?
To optimize your crane management, digital comprehensive solutions such as Veyor’s Construction Logistics Management Software are the way to go. Veyor offers a range of features that revolutionizes crane management with just a couple of clicks. Some of the features of Veyor include:
- Easy crane booking system
- Collaborative scheduling
- Real-time notifications about changes and cancellations
- Tracking of crane usage for actuals and planned data
- Comprehensive reporting and analytics
- Visual logistics board
Effective crane management is an essential aspect of construction logistics management. By optimizing crane usage, minimizing downtime, and ensuring safety, construction companies can save money, improve efficiency, and prevent accidents. With a comprehensive solution like Veyor, Site Managers or Superintendents can optimize their crane management and focus on their projects' success.
