How MOVUS has secured a $4.8 million Series A round
Brisbane-headquartered 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).
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.
“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.