Logistics start-up Veyor Digital, med-tech CoraMetix raise millions

A Sydney firm that works with major property developers and retail giants including Lendlease and Westfield is hoping to expand into the US. Here are this week’s biggest capital raisings.

Veyor founders Stephen Rockett and Richard Fifita

A logistics scheduling platform that works with major property developers and retail giants including Lendlease and Westfield has raised $2.75m as it expands into the US.

Sydney-based start-up Veyor Digital picked up the funds by way of a Series A raising led by Investible, with participation from Saniel Ventures and Gravel Road Ventures.

Investors have taken a keen interest in the platform, which has signed up a number of retail, property and construction companies, including Turner Construction, Skanska and JLL. It also recently partnered with John F. Kennedy International Air Terminal LLC in New York, and Vicinity Group, which controls the docks at Melbourne’s Chadstone shopping centre.

Veyor’s platform allows construction supervisors and managers to streamline scheduling and communication with suppliers and delivery teams.

Veyor would now look to grow overseas, chief executive Richard Fifita said.

“This capital injection will allow us to hopefully replicate the same success we’ve had in Australia in the US and start to scale our business internationally,” he said.

Investible’s investment chief Charlie Ill said the Veyor Digital platform could save businesses several hours of manual work.

“Veyor’s streamlined approach to the core of logistics management saves managers hours per day, freeing them for much higher value work. Richard and Stephen have built a much-needed, user-friendly product that has seen great traction in key markets in the US and Australia, and Investible is excited to help the team unlock another phase of growth,” he said.

Further south in Victoria, a Melbourne AI start-up has had a win in the US, locking down partnerships with two major pharmaceutical groups.

Locumate, founded by Surge Singh, has landed a deal with the American Pharmacist Association to license its platform to HealthShifts.

The platform allows pharmacies to bypass agency fees and create a pool of temporary staff and casual workers.

As of February this year it had saved its customers an estimated $1.3m over two years and filled more than 4500 locum shifts.

Customers – which include Priceline, Amcal, TerryWhite Chemmart, Pharmacy-4-Less and Direct Chemist Outlet – are charged a subscription fee.

American Pharmacists Association chief executive Michael Hogue said the new partnership would give pharmacists more autonomy. “This is going to put pharmacists in the driver’s seat in determining how they want to work, where they want to work … it is going to really transform the way work happens in pharmacy,” he said.

Locally, Locumate has around one sixth of the market, or 850 Australian pharmacies.

Heart start-up

A West Australian start-up that 3D prints heart valves to help treat those dealing with aortic stenosis has raised $500,000.

CoraMetix’s key product is called the CoraMetix valve, a replacement heart valve that the start-up aims to have successfully implanted in a human patient within the next two to three years.

The valve will help treat patients suffering from aortic stenosis – a condition in which the aortic valve narrows and restricts blood flow, leading to breathlessness, angina and eventually heart failure in about one in two patients within two to three years.

CoraMetix director Dr Elena Juan Pardo and co-lead Dr Abdul Ihdayhid.

CoraMetix has raised the new funding in a seed round led by FundWA. Co-lead Abdul Ihdayhid is confident the funding will help the start-up further develop its valve and in turn improve and extend the lives of people suffering from aortic stenosis.

“Currently, the majority of valve replacements utilise biological valves sourced from animal tissue. However, these valves have a restricted lifespan and may start to deteriorate within five years,” Dr Ihdayhid said.

“Consequently, patients are at risk of requiring repeat high-risk valve surgery or, in certain cases, being deemed inoperable. Our valves are being designed to remain functional for the rest of the patient’s life, negating the need for repeat surgeries.”

The new funding will value CoraMetix at $2.25m.

“CoraMetix is a prime example of the fantastic tech innovation that exists in WA with enormous potential to scale to a global level with the right partners,” he said.

“Ultimately, we want to use our skills and experience to bring this innovation to a point where it can become a reality and help millions of people, just like CoraMetix can.”

Originally published as Logistics start-up Veyor Digital, med-tech CoraMetix raise millions