Oracle development software specialist FOEX receives VC funding by tecnet to accelerate growth
As Oracle software specialists for more than a decade, both Matthew Nolan and Peter Raganitsch have experienced how time and resource intensive it has been to develop complex web applications for the Oracle Database. Based on the idea of simplifying and speeding up complex web application development using Oracle’s best kept secret Oracle Application Express, they started FOEX in 2012.
The small start-up has since launched their FOEX Plugin Framework for Oracle Application Express (APEX) with more than 110 Plugins which integrates the world premier HTML5 development library, Sencha Ext JS. The company is well established with a solid base of partners and paying customers like banking institutions and governmental organizations from around the world. It has now received a significant 6 digit equity investment in a seed round by Austrian Venture Capital fund tecnet equity joined by a business angel from UK.
The funding of tecnet and support of Investment Manager Bernhard Kurzbauer-Rzepski will help FOEX to establish its software as the standard tool for building complex data centric applications on top of the Oracle Database. Building business applications with the FOEX Plugin Framework will be more efficient and requires less training than comparable tools.
Customers can expect a significant reduction of software development and maintenance costs in connection with a higher application quality whilst speeding up their time to market. This again will boost the status of Oracle APEX as an important development platform for enterprise solutions of any size.
Oracle is number one in the database market and has also heavily invested in emerging technologies like the Oracle Cloud providing its own On‐Demand scalable database cloud infrastructure which FOEX is well suited to take advantage of.
“Our technological approach of reducing web development complexity has been confirmed repeatedly by our customers and partners.” says Peter Raganitsch, co-founder and CEO of FOEX “This seed investment round will now enable the global growth of our framework.”
With the investment FOEX is now expanding its development team in Europe and is setting up a dedicated sales department.
The FOEX Plugin Framework extends the existing APEX IDE and consists of a suite of customizable interchangeable components. FOEX empowers developers to quickly and efficiently create feature rich and visually appealing data intensive web applications built on top of the Oracle Database without the need to write code. The framework significantly reduces the complexity of developing and maintaining enterprise web applications translating into reduced development time whilst lowering developer skill requirements.
We help our customers to build the best products imaginable without the overheads from traditional software development. To learn more about FOEX, go to www.tryfoexnow.com.
About tecnet equity
tecnet equity is the technology financing company of the province of Lower Austria. It finances high-tech and innovative companies. tecnet’s field of responsibility also includes supporting patent and technology exploitation. The declared objective of tecnet equity is to promote Lower Austria as a high-tech location for inventors and business owners.