The funding round was led by Blackbird Ventures and included Telstra Ventures and Skip Capital – Atlassian co-founder Scott Farquhar’s private investment fund.
MOVUS, a developer of Industrial IoT sensor and machine monitoring solution, FitMachine — "the Fitbit for machines" — says as well as scaling up to international markets, the funding boost will further refine its product, expand its research and development lab, and grow its Brisbane-based team.
Brad Parsons, chief executive and founder of MOVUS, says in just under two years, the company had developed and launched a cost-effective Industrial IIoT sensor and software-as-a-service monitoring platform, FitMachine. The platform uses artificial intelligence to help organisations proactively monitor, manage, and maintain the condition of their industrial machinery providing compelling return on investment by reducing the need for manual inspections and turning unplanned outages into planned situations.
“We’ll also be growing our engineering team and are particularly interested in people with a passion for hardware design and machine learning. Our vision is to transform machines across their lifecycle to dramatically improve these industries for the benefit of the planet.”
According to Parsons the Predictive Maintenance market (industry 4.0) is expected to be a US $5billion n industry by 2021 and, with its disruptive FitMachine technology and “uniquely customer-focused business model”, MOVUS is poised to rapidly capture share in this growing market.
Rick Baker, co-founder of Blackbird Ventures, said: “Industrial machinery is the engine room of our economy and the FitMachine plays a crucial role in ensuring it runs smoothly and efficiently. We're proud to join the journey of MOVUS.”
“Telstra is a national and global leader in IoT, with Australia’s largest IoT footprint that is already connecting more than two million IoT devices. We recently announced two new IoT technologies in our mobile network – Cat M1 and Narrowband, and in 2017 opened Australia’s first publicly-accessible Open IoT Lab in Melbourne,” said Matthew Koertge, managing director at Telstra Ventures.
“We believe that MOVUS aligns well with our broader IoT strategy, providing a compelling IoT value proposition for machinery owners and a unique opportunity to capture value in the ‘Industry 4.0’ market.”