MOVUS develops Internet-of-Things sensors that use artificial intelligence to help organisations monitor, manage and maintain the condition of industrial machinery. Its sensors are designed to reduce the need for manual inspections. The company completed a $2.5 million capital raise. Named investors in the raise include Aequora Capital, Blackbird Ventures, Skip Capital and Telstra Ventures. MOVUS was founded in 2015. The founder said the company could have raised a lot more but was selective and turned down what he characterized as "dumb money." MOVUS builds FitMachine, a cost-effective Industrial IoT sensor and SaaS monitoring platform that uses AI to proactively monitor and manage industrial machinery. The platform aims to reduce manual inspections and turn unplanned outages into planned maintenance, delivering measurable ROI. MOVUS developed and launched FitMachine within two years and serves sectors including transportation, oil & gas, mining, energy, manufacturing, water and utilities, agriculture, and building & facilities management. The company counts customers such as Wesfarmers Chemicals, Melbourne Water, University of Queensland, Unitywater, and Bombardier Transportation. MOVUS plans to scale into international markets, further refine its product, expand its Research & Development lab, and grow its engineering team. Headquartered in Brisbane, Australia, the company also positions itself to capture share of the Predictive Maintenance market, which the article cites as a roughly USD $5bn opportunity by 2021.

Total raised

$7M

Funding rounds

2

Latest round

Equity

Latest activity

May 2020