Source: Smart Company and Export Finance Australia by RASHIDA TAYABALI – How three fast-growth Aussie business got export finance
When the big international opportunities knock, you want your business to be financially ready to answer the call.
IND Technology: Scaling a world-first invention without selling equity
In 2013, Alan Wong started IND Technology from a storage shed in Victoria. He invented the EFD®, an early fault detection system that monitors large electricity grids, identifying defects before they cause outages or worse electrical faults that lead to fires.
The company went on to win large North American contracts and needed help to fund gaps in their payment cycle. Unable to secure finance from traditional banks, IND Technology contacted EFA.
EFA provided a loan that helped IND Technology to continue manufacturing and fulfilling orders.
EFD® is now deployed by major utility companies across Australia, the US and Canada with offices in New York and Kuala Lumpur.
“Being able to access finance from Export Finance Australia has meant the business did not need to find other sources of finance, such as selling part of the business to a private equity or venture capital firm,” said Alan Wong, founder and CEO.
“It’s allowed us to keep our business Australian. We didn’t have to let go of control of what we do. The finance has really allowed us that freedom.”
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