Brisbane Internet of Things startup Movus raises $4.8 million Series A round

Brisbane Internet of Things (IoT) startup Movus has raised $4.8 million in a Series A round led by Blackbird Ventures, with participation from Telstra Ventures and Scott Farquhar’s Skip Capital.

Founded by Brad Parsons and Michel Lamarre in 2015, Movus has developed FitMachine, a combined sensor and software solution that helps organisations monitor and maintain their industrial machinery and other assets.

The system works by mounting a FitMachine sensor to an asset, with the sensor then collecting and sending data to the cloud.

The software’s machine learning algorithms work to establish a baseline for the condition of the equipment, and continually monitor and analyse the data to predict the health of the asset. Alerts are sent if the asset’s condition goes below pre-determined limits.

The funding will be put towards growing the startup’s team, expanding its research and development lab, further refining of its product, and expanding internationally.

With a view to reducing the need for manual inspections and the occurences of unplanned outages, Movus is playing in the ‘predictive maintenance’ – or Industry 4.0 – market, which is expected to be worth US$5 billion by 2021.

The startup is already serving clients in industries including oil and gas, building and asset management, and agriculture, among them the likes of Wesfarmers Chemicals and the University of Queensland. Read more

Startup Daily - 3 April 2018