Queensland engineering software company RedEye is continuing its rapid global expansion with a third office in North America, a new office in New Zealand and plans to enter Europe.
RedEye’s Co-Founder and CEO Wayne Gerard said the company had raised $10.4 million from the Queensland Government’s Business Development Fund and US investor Energy Innovation Capital in 2018 to help fund the international expansion.
‘Our strategic approach to the US also landed us key investment from Energy Innovation Capital who understood how to really scale up in the US market.
‘RedEye is now bringing in revenue of $5 million to $6 million a year, and our expansion in the US is set to help double that figure by mid 2020.
‘TIQ has assisted us from the beginning by opening doors and making introductions, which has ultimately led to our success in markets like the US and others.’
TIQ Acting Chief Executive Officer Paul Martyn said start-ups thinking about going global can take inspiration from RedEye’s success.
‘Understanding where your start-up sits competitively on the global market, doing your research on your target clients and visiting overseas markets is pivotal to successful international expansion,’ he said.
‘TIQ can assist start-ups with identifying pathways and opportunities that can scale their business into overseas markets.’
RedEye founders Wayne Gerard and Randall Makin saw a growing demand for cloud-based engineering software and started the Brisbane-based company in 2012.
The software allows secure sharing of engineering data across locations and teams in large-scale infrastructure projects in the mining, energy and water industries.
From a staff of 2, RedEye now employs more than 100 people and their clients manage more than $200 billion worth of critical infrastructure.
RedEye boasts an impressive list of clients, including Southern Nevada Water Authority, SA Power Networks, Snowy Hydro, BHP, BMA, Trans-Power, Queensland Health and Westside Oil and Gas.
Supporting Queensland exporters is a key goal of the Queensland Trade and Investment Strategy 2017–2022.