Queensland tech company RedEye has raised $10.4 million from private and public investors in a second round of fundraising that will be used to scale the business globally, driven by strong demand in Australia, New Zealand and the USA.
Established in 2012, RedEye offers cloud and mobile-based solutions for companies that own and operate critical infrastructure, including the world’s only purpose-built digital solution for managing engineering drawings and associated documents.
EIC Managing Partner George Coyle said RedEye was addressing an unmet need in the market and had strong export prospects.
‘RedEye have developed Software as a Service (SaaS) solutions for the full asset management lifecycle rather than just the design and construction phase,’ he said.
‘I’m excited to partner with RedEye to help scale in the United States and beyond.’
‘We consciously decided not to rush this round,’ he said.
‘Instead we took the time to find the right international investor that had the skills and network to help us achieve our ambitious growth goals, particularly in the US.
‘We’re excited about EIC’s deep domain expertise in enterprise SaaS as well as their experience within our target industries.’
RedEye currently employs 70 people across its Brisbane, Nevada and Manila offices, and expects the new injection of funds will help to double that team over the next two years.
TIQ has worked with RedEye in multiple international markets, and particularly in supporting their export journey to the USA.
The Business Development Fund is a key plank of the Queensland Government’s Advance Queensland initiative, which supports programs that drive innovation and help to raise the state’s profile as an attractive investment destination.
Supporting emerging exporters in the start-up sector is also one of the actions included in the Queensland Trade and Investment Strategy 2017–2022.