MOVUS secures investment from Australia’s largest venture capital firms

Brisbane-headquartered company MOVUS, the developer of Industrial IoT (Internet of Things) sensor and machine monitoring solutions has secured $4.8M in Series A funding. The round, led by Blackbird Ventures, included Telstra Ventures and Skip Capital.
The investment will allow MOVUS to scale up to international markets, further refine its product, expand its Research & Development Lab, and grow its Brisband-based team.
“This Series A funding is critical as we are poised to scale with many new customer deployments which allow us to accelerate growth globally and pass on the benefits to customers via more rapid delivery of improvements. We’ll also be growing our engineering team and are particularly interested in people with a passion for hardware design and machine learning,” said Brad Parsons, CEO and Founder of MOVUS. “Our vision is to transform machines across their lifecycle to dramatically improve these industries for the benefit of the planet.”
With a track record of investing in high growth digital businesses, Rick Baker, Co-Founder of Blackbird Ventures said “Industrial machinery is the engine room of our economy and the FitMachine plays a crucial role in ensuring it runs smoothly and efficiently. We’re proud to join the journey of MOVUS.”

West Gate Tunnel construction to begin in Q1 2018

A CPB/John Holland joint venture will commence construction on the West Gate Tunnel next month, now expected to cost $6.7 billion – about $1.2 billion above its original estimated cost, with the Victorian Government finalising contracts on the project this week.
The builders have begun moving into a construction compound in Footscray where they’ll begin work on the northern tunnel portal.
A statement from the state government said the six-lane tunnel will take thousands of trucks off residential streets in the inner west, slash congestion along the M1 corridor from Pakenham to Geelong and create thousands of Victorian jobs.
The final design approved for construction will cost $6.7 billion, which the Victorian Government said in the statement is due to tunnels now twice as long as the original business case to “improve traffic flow and protect homes, better city connections, additional noise walls, the creation of massive new open spaces and more cycling paths, and extending air quality monitoring for 10 years”.
Construction of the new road tunnel will be partly funded with a ten-year extension of the CityLink Concession deed.
According to the government, this partnership has been assessed as high value for taxpayers and for drivers, with tolls increasing at a lower rate than agreed by the previous Liberal government to fund the CityLink-Tulla Widening Project.
Legislation to operate the new road tunnel, and amendments to the CityLink concession deed, will be introduced into Parliament before the road is complete in 2022.
In addition to the business case released in 2015, the government this week released key documents, including a project summary, concession deed amendments, an exposure draft of the West Gate Tunnel Bill and the value for money assessment. The government will also shortly release the contracts between Transurban and the State.
The project is anticipated to be finished in 2022.

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