BRISBANE, Australia--(BUSINESS WIRE)--Australian company MOVUS, the developer of Industrial IoT (Internet of Things) sensor and machine monitoring solution, FitMachine® ‘the Fitbit® for machines’, has secured $4.8M in Series A funding. The round, led by Blackbird Ventures, included Telstra Ventures and Skip Capital (Atlassian co-founder Scott Farquhar’s private investment fund).
The investment allows MOVUS to scale up to international markets, further refine its product, expand its Research & Development Lab, and grow its team.
In two years, MOVUS has developed and launched a cost-effective Industrial Internet of Things (IIoT) sensor and software-as-a-service (SaaS) monitoring platform, FitMachine. The platform uses Artificial Intelligence (AI) to help organizations 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.
MOVUS is poised to rapidly capture share of Industry 4.0, the Predictive Maintenance market is expected to be a USD $5bn industry by 2021.
“This Series A funding is critical as we are poised to scale with many new customer deployments which allow us to accelerate growth globally and pass on the benefits to customers via more rapid delivery of improvements. We’ll also be growing our engineering team and are particularly interested in people with a passion for hardware design and machine learning,” said Brad Parsons, CEO and Founder of MOVUS. “Our vision is to transform machines across their lifecycle to dramatically improve these industries for the benefit of the planet.”
MOVUS serves the transportation, oil & gas, mining, energy, manufacturing, water and utilities, agriculture, building & facilities management sectors. It has already secured a growing list of domestic and international clients including Wesfarmers Chemicals, Melbourne Water, University of Queensland, Unitywater, and Bombardier Transportation among others.
For more information please visit MOVUS.
Headquartered in Brisbane, Australia, MOVUS specialises in Industrial IoT (IIoT). Its FitMachine® technology transforms dumb machines into ‘smarter machines’ and enables this on a global level through consumer styled simplicity combined with world class artificial intelligence.