Industrial internet of things business Movus has raised $2.5 million to support its continued expansion.
The raise follows a series A round of $4.8 million in 2018, and Telstra Ventures, Skip Capital and Blackbird Ventures returned as investors.
Movus was founded in 2015 and its main product is the FitMachine sensor-based solution, which uses artificial intelligence to decipher signals including noise, vibration and heat to allow for smarter maintenance decisions by machine operators. It also sells an explosive zone sensor.
Aequora Capital was an investor in the current round, and had influenced a decision by Movus to favour quality investment over quantity, reports The Australian Financial Review.
Aequora’s Adam Kossak said Movus solved a business-to-business problem through technology, offered a scalable solution, and operated in a market where there wasn’t a clearly dominant player. According to research firm Markets and Markets, the predictive maintenance category is growing at over 28 per cent a year, and will be worth nearly $US 10.7 billion by 2024.
“We don’t invest in ‘disruption’, we’re looking for the next innovation. Disruptions are risky and most of them aren’t successful,” Kossak told The AFR.
Movus is Brisbane-based, employs 30 and operates in 10 countries, and uses nearby IntelliDesign as its contract manufacturer. Growth has seen them locate a second manufacturing partner in Adelaide.
Picture: one of the company’s FitMachine sensors in the field (Movus)
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