14 Dec 2020 | 12.35 pm
Evercam Secures €600,000 Funding
DBIC Ventures makes its first investment
14 Dec 2020 | 12.35 pm
Software company Evercam has raised €600,000 in funding and announced plans to create 50 new jobs.
Founded by Marco Herbst and Vinnie Quinn in 2010, Evercam has developed an AI-driven video-recording service aimed at construction companies. The system records construction progress and saves it to the cloud to help with project management and dispute avoidance.
Evercam currently employs 50 staff in offices in Ireland, the UK, Australia, the US, Pakistan, Algeria, Poland and Canada.
The company’s latest investment round included funding from DBIC Ventures, the venture arm of Dublin BIC – the first investment from the fund, which is backed by Enterprise Ireland and a number of leading Irish technology entrepreneurs and business leaders.
CRO filings show that Dublin Seed Capital General Partner II Limited invested €262,000 in the fundraiser, while Elkstone Ventures invested c.€220,000. CKS Finance and angel investors were also involved in the Evercam fundraiser, while Marco Herbst also invested in his company.
Evercam is planning to use the fresh investment to expedite the roll-out of its construction analytics services, establish operations in the Middle East and expand its headcount.
Turnover at Evercam Ltd almost doubled to €1.3m in 2019. The company booked a profit of €39,000 after a loss of €211,000 the year before. Trade debtors in 2019 decreased marginally to €322,000 and the business had a year-end net deficit of €284,000.
Previous investors in Evercam include former Telefonica accelerator Wayra (€100,000) and Enterprise Ireland (€250,000).
Evercam was originally called Camba TV and provided video-based security services to businesses and consumers. Founders Herbst and Quinn previously established Nixers.com, which was acquired by Saongroup.
“Having doubled revenue year-on-year, and coming off our strongest quarter to date, Evercam is enjoying strong growth that is set to continue,” said Herbst.
“Construction sites are inherently high-risk areas, so when something goes wrong, the costs incurred can be significant – underlining the pronounced need for verifiable intelligence around construction site activity.”
Richard Watson, managing partner of DBIC Ventures, said that Evercam had developed a highly evolved software platform employing advanced data analytics to deliver significant cost and time savings. “Construction has lagged many industries in terms of the adoption of digital technologies and Evercam is well positioned to become a leading tech solution provider in this space.”
DBIC Ventures is targeting business-to-business software companies across a range of sectors, including healthcare, fintech, transport, cybersecurity and cleantech, as well as device companies.
In 2019, DBIC Ventures announced that it had created the fund with a €16m funding commitment from Enterprise Ireland. DBIC said the fund has raised €23m to date and it planned to raise €30m in total within the following 12 months.
Photo: Richard Watson (left) and Marco Herbst