“We saw in our consulting work that we were training and consulting a lot of board members and C-suite executives, and these people were expected to make pretty big decisions when things go wrong,” Mr Shields said.
“So we saw the opportunity to use technology to bridge that gap.”
The software can alert key individuals to potential issues, from bushfires affecting a physical asset to reputational risks from a brewing social media storm.
Freemium model imminent
“The process and the structures and frameworks are pretty similar, but the system is highly configurable,” Mr Shields said.
“We’ve also got a freemium model that we’re about to launch, with a very different go-to-market strategy, which is all about you being able to onboard yourself, refer others in your organisation into the system without us having to touch you at all. That largely comes down to a positive user experience.”
Catalyst Technologies is doing close to $1 million in annual recurring revenue, with the aim to double that in a year.
The company employs nine people in Australia, and has a few employees offshore.
A large portion of the seed funding will go into growth and marketing.
“Joshua’s proven ability in founding, scaling and exiting a company in the crises management space has resulted in significant early traction for the business and given investors confidence that he is capable of disrupting this traditional industry,” said Daniel Veytsblit, investment director at Investible.
“COVID-19 has led many businesses to realise just how unprepared they are to manage risk, especially event-specific risk. Given its digital platform can be easily implemented into existing systems, we see great potential for Catalyst Tech to make an impact globally.”