MOVUS, a Brisbane-based developer, is described as a FitBit for machines, providing a better way to monitor machinery, removing the need for labour-intensive inspections, and minimising the need for routine maintenance, associated downtime, and lost production.
Founder Brad Parsons said his product was “changing the way machine maintenance has been performed for almost a century” through a combination of leading-edge technology and machine learning algorithms.
“FitMachine disrupts these practices via the combination of Industrial Internet of Things (IIoT) technology, leading-edge communication protocols (such as the recently launched Telstra CAT-M1), and machine learning algorithms,” Mr Parsons said.
“It allows asset owners and operators to continuously monitor assets operating health and detect when this health changes – alerting operators that something is amiss.”
Not only is MOVUS a Lord Mayor’s Global Entrepreneur Program grant recipient, but it has also recently received the support of some of the industry’s leading venture capital funds; raising $4.8 million from Blackbird Ventures, Telstra Ventures, and Skip Capital.
The recent success of MOVUS has been preceded by challenges. In particular, creating awareness as a solution to improve business performance.
“As a technology company, we realised very early on that our prospects don’t buy technology, are generally unaware of IIoT, and are often are slow to adopt ‘new ways of performing maintenance’,” Mr Parsons said.
To combat this lack of understanding, MOVUS has focused on mobilising its foundation customers to “sell their vision”.
“University of Queensland actively promotes us to their peers and collaborates as a reference site,” Mr Parsons said. “Similarly, water utilities are very slow to embrace change. Having Unitywater actively promote us into their industry association has created awareness and some levels of acceptance of our solution.”
MOVUS actively invests in research and development through its collaboration with The University of Queensland. Over the past couple of years, MOVUS has had engineering interns from electrical, mechanical and mechatronics. This collaboration allows students to experience first-hand what is involved in building a globally disruptive business.
As the world’s first end-to-end solution, MOVUS is expecting competitors to enter the market over the next few years.
“Being able to scale our international sales quickly through 2018 and into 2019 will mean we can enter the US market with a focused and relevant value proposition,” Mr Parsons said.
“Both our partners and our Brisbane-based digital sales team will be able to design and execute lead generation and nurturing programs and close sales quickly and cost effectively”.