MyDials needs developers for real-time BI tool

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MyDials needs developers for real-time BI tool

Aussie business intelligence start-up MyDials is looking to bolster its development team and partner ecosystem after closing a multi-million dollar round of funding in January.

The company, founded by ex-Citect staffers, has developed a hosted operational BI (business intelligence) tool that is targeted at process-driven vertical markets such as mining, energy and manufacturing, and at performance improvement consultancies.

MyDials is headquartered in the United States but runs its research and development from Australia. Two out of three founders are also based here.

According to visiting CEO Wayne Morris, MyDials is in "growth mode" after shoring up several million dollars in funding from an undisclosed private equity firm.

"It showed people saw value in what we were delivering," Morris said.

"Three years ago, software-as-a-service was still fairly nascent. People said we were nuts to do BI as SaaS but it's absolutely the best model."

Morris said MyDials had purposely structured to have its headquarters overseas and development operations in Australia.

"We've had the US presence from day one because it allows us to tap into US capital markets and commercialise Australian technology in a far more streamlined way," Morris said.

"We also set the company up so the intellectual property is held by the Australian company because we wanted to tap into some of the [Government] grants."

But, according to Morris, the operational split became a barrier to gaining local commercialisation funding.

"We tried," Morris said. "In the end I think they found it hard to get their head around us having a US headquarters and Australian subsidiary, but it is what it is."

Morris also raised concerns that some local commercialisation grants were available only up to the point that the first customer was signed.

"Commercialisation doesn't finish when you get your first customer," Morris said.

But he also found a positive in not receiving local funding. "We're probably free-er to go to market earlier than if we'd have gotten the grant," he said.

MyDials said it is looking to bolster its eight-strong development team spread across Brisbane and Perth by another two or three developers.

Morris said the company's developers tended to come "out of the real-time control systems world".

Morris said that MyDials is different from other BI and performance management tools because it captures and surfaces data in real-time rather than in batched updates.

It is also easier to use and requires less investment than traditional tools. The starting cost for a hosted license is around $1,000 per user, he said.

Local customers include Ausreo, Adelaide Brighton Cement and a new customer, Perth-based electrical engineering firm LogiCamms.

Morris said the company was also seeking partner relationships in all parts of Australia.


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