Envirosuite raises $10 million for China expansion plans
Written on the 14 October 2019 by Business News Australia
Environment management tech company Envirosuite intends to scale up in China after a successful $10 million capital raise.
The group, which builds software to monitor and manage the environment, hopes to continue pushing into China with the injection of cash.
Named number 49 in Business News Australia's 2019 Brisbane Top Companies list, Envirosuite offers around half a dozen software solutions, including risk management and source identification.
China represents the biggest opportunity for Envirosuite. The country is home to nearly 300 of the top 500 most polluted cities in the world, as measured by the World Health Organisation between 2008-2017. The Chinese Government announced a 10-year 'Beautiful China' plan in 2017 to clean up toxic air as well as and polluted water and soil.
Envirosuite says the proceeds will be applied to ensuring the company is able to keep pace with the significant opportunities being presented in China, as well as expanding the company's offering through IP and technical investment to service the Chinese market.
"The additional funding will assist us to address the numerous opportunities that are rapidly emerging in China as well as other geographies," says Envirosuite CEO Peter White.
"It will also bring forward planned investment in the technical expansion of our offering to deepen our value proposition in target industries, that has also become more pressing with our near-term commercial opportunities."
"We also believe that the raise positions us to move on potential acquisition prospects as they present."
The raise follows Envirosuite's recent deal with prominent Chinese investor Zhigang Zhang to strategically enter the Chinese market.
Zhang has been in the business of environmental protection for more than 30 years.
Shares in Envirosuite are down 1.54 per cent to $0.32 per share at 10.15am AEST.
Business News Australia
Author: Business News Australia