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MOVUS Gets Investment Injection To Support Growth and Drive IIoT For Industry 4.0

may 18 9MOVUS Gets Investment Injection To Support Growth and Drive IIoT For Industry 4.0

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. (Read More)

The round, led by Blackbird Ventures, included Telstra Ventures and Skip Capital (Atlassian co-founder Scott Farquhar’s private investment fund).

The investment will allow MOVUS to scale up to international markets, further refine its product, expand its Research & Development Lab, and grow its team.

In just under 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 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.

Known as Industry 4.0, the Predictive Maintenance market is expected to be a USD $5bn  industry by 2021. With its disruptive FitMachine technology and uniquely customer-focused business model, MOVUS is poised to rapidly capture share in this growing market.

“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.”

With a track record of investing in high growth digital businesses, 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.”

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.

“Water Utilities globally are transforming how they operate, how they utilise assets and manage Asset Lifecycles. MOVUS FitMachine has come through Isle’s TAG program as it is a great example of Industrial IoT. FitMachine has gained great traction in the water sector as it is simple to deploy and generates powerful insights for predictive maintenance. MOVUS has demonstrated an ability to execute coupled with a completeness of vision for IoT,” said Timothy Day, Managing Director at Isle Utilities (UK).

MOVUS will be deploying in the UK from May.

About 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.

The Benefit of MOVUS and IIoT For Industry 4.0
Siemens recently published a report that said that only 3% of the worlds machines are internet connected. IOT is the key to enabling the other 97% of machinery. Without internet connectivity through the IOT, then the benefits of industry 4.0 are difficult to achieve. Existing technologies such as SCADA and PLC technologies are extremely useful for control and protection of machinery, however they provide very little value in terms of machinery health, utilisation, location and more. These are areas where we are filling the gaps using IOT.

The FitMachine overcomes several large hurdles that inhibit broadscale adoption of Industry 4.0, namely speed of adoption (our units can be installed and running in 5 mins), complexity of machinery (our units operate, regardless of make and model), complexity of data (our Artificial Intelligence Engine is the result of years of research and development, it handles complex data) and finally scalability (our cloud based platform has been specifically architected for massive scale, using leading edge Amazon Web Services technologies).

FitMachine has been designed and built by the MOVUS team who have decades of industrial and technology industry experience. It is this applied experience that companies can leverage to kick off their Industry 4.0 rapidly, with low cost and low risk.

For more information please visit:
www.movus.com.au