According to The Australian Financial Review, MOVUS, a Brisbane-based developer of industrial internet of things devices such as sensors equipped with machine-learning capabilities, has scored the support of some of the industry's leading venture capital funds, raising $4.8 million from Blackbird Ventures, Telstra Ventures and Atlassian co-founder Scott Farquhar's private investment fund, Skip Capital.
In less than two years, the company has developed an industrial IoT sensor and software-as-a-service monitoring platform, known as FitMachine.
It utilises artificial intelligence to help organisations monitor, manage and maintain the condition of their industrial machinery, reducing the need for manual inspections in an advantage termed "predictive maintenance" in Industry 4.0.
"The primary focus [of this raise] is to continue our global growth and international expansion, extend our research and development program – with a large focus on machine learning – scale our local manufacturing capability, and grow the team.
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