Australian IoT startup Movus has turned its sights to the international market following successful funding rounds for its innovative industrial internet product.
Movus’ main product is the FitMachine, or what the company calls the “Fitbit of machines”. FitMachine is an industrial IoT sensor and SaaS monitoring platform using AI to help organisations proactively monitor, manage and maintain the condition of their industrial machinery.
It has been a good year for industrial internet startup; the company moved into a new premises, received a $4.8 million investment and now CEO and founder Brad Parsons is setting his sights on international growth.
Parsons told Which-50, “We really want to break out with international sales, we are already in Australia, New Zealand and South Pacific, we are about to sell into Iceland. Next week, I’ve got a meeting with one of the sheikhs in the Middle East.”
The multi-million dollar investment from Blackbird Ventures, Telstra Ventures and Skip Capital is also helping the company tweak the FitMachine.
“[We are] putting more features the customers have wanted back into the product and advance it. It’s now highly scalable, we can now ship it internationally.”
The company has quadrupled in size from four to 16 current full-time employees and is investing in the next generation of STEM talent with 13 interns working across all four STEM disciplines.
The FitMachine has three to four iterations that works on motors, pumps, fans, blowers with Movus working on a tracker for oil and gas plus a mobile version.
“The next version is really an explosives version. Call it intrinsically safe, so think about oil and gas, a gas wellhead you don’t want anything to spark so we are working heavily on that. This will be released in the first quarter next year.
“We are also working on a mobile version of the product for Telstra. A unit that can go on mobile plant or remote regions where there is no Wi-Fi. The partnership with Telstra works really well. We’ve just got it certified on its CAT-M1 network which is Telstra’s IoT network, once we incorporate that in the FitMachine product, agriculture lights up, mobile plants and that sort of stuff.”
Last week Movus was exhibiting at the Industry 4.0 stand at Telstra Ventures which Parsons said gave the company exposure to 6,000 attendees.
He said being at the convention had helped to show potential clients what Movus can do and he now has a long list of possible clients.
“We have had exposure to maybe a dozen [potential clients] but now we’ve had exposure to maybe a couple of hundred. We had one senior manager come through, he has 80 sales people and 13,000 customers. Trying to get that exposure for us anywhere else is really impossible, having them as an investor in our business gives credibility to everything we do,” he said.
During Telstra Ventures Parsons sat on a panel titled: accelerating your digital transformation with new innovators. During the discussion he pointed out the solution he was providing was available now and not projected on a multi-year timeline.
He explained, “Most of the projects seen around Industry 4.0 are perceived to be multi-year projects that are hundreds and hundreds of dollars. What the panel is trying to do is break that down and say it doesn’t have to be that.”