Austria-based FOEX will receive a high six-figure investment to accelerate the growth of its business. “This seed investment round will now enable the global growth of our framework,” says Peter Raganitsch, cofounder and CEO of FOEX. The money will be spent on growing the developer team, hiring new salespeople and establishing the FOEX Plugin Framework as a standard for web-development.
Raganitsch and his team founded the business in 2012 and focused on developing Oracle software.The company’s customers include banking institutions as well as international and public organisations in over 13 countries. With FOEX’s services, developers do not need to write code but can create features and visuals with built-in applications of the Oracle database. The technology helps create web applications faster and makes them easier to use. “Our technological approach of reducing web development complexity has been confirmed repeatedly by our customers and partners,” says Raganitsch.
FOEX is based in Vienna and the core of the team consists of long time developer and CEO Peter Raganitsch, CTO Matt Nolan, who has experience with Oracle from working with companies in the US, UK, Europe and Australia and Content and Marketing Manager Jan Karremans.
Doris Agneter, CEO of tecnet equity, considers FOEX an innovative project and sees a bright future for the team. “The founders are well-known in the Oracle scene and developed an interesting technological approach to create applications for databases. The value for the customer lies in the reduction of time and money,” she said.
Tecnet equity finances projects in the high-tech sector and aims to establish Lower Austria as a hotspot for innovative businesses.