IoT startup MOVUS raises $4.8 million from “trifecta” of Aussie investors to continue growing its “unsexy” products

The bid by Aussie startup MOVUS to capture the “unsexy” side of Internet of Things and artificial intelligence technology has struck a chord with some of Australia’s biggest investing names, who have parted with $4.8 million to help propel the startup to international growth.

MOVUS was founded in 2015 by chief executive Brad Parsons. The startup develops IoT and AI-powered sensors that attach to otherwise “dumb” machines to help organisations, especially in the manufacturing space, monitor, manage, and maintain their machinery.

Parsons tells StartupSmart he came up with the idea for MOVUS (which stands for ‘moving industries’) while working as a consultant in the mining and heavy rail industries. But he believes the idea would have remained just that if he had not been accepted into the University of Queensland’s iLab accelerator in the middle of 2015.

“Before the accelerator, I didn’t really have a clue of how to start a business, let alone a tech startup. The University of Queensland was significant for MOVUS, as they not only were our first customer, but our first investor through the iLab accelerator,” Parsons says.

“I don’t think the business would have gotten off the ground if not for the accelerator program, and UQ has been great — we’re about to sign a five-year contract with them.” Read more

Dominic Powell - StartupSmart - 5 April 2018