The Road Ahead for Australian Start-up MOVUS for AI and Predictive Maintenance

Artificial intelligence (AI) – the science of making computers mimic humans using logic, decision trees, deep learning, and machine learning – is fast approaching the market opportunity around preventive and predictive maintenance. According to a recent GlobalData survey, the top two business challenges in Australia are in improving operational efficiency and reducing costs. Many businesses, such as manufacturers, producers of natural resources, through to the agriculture and health sectors, need ongoing reliability of machines and their constituent parts to keep the lights on in the business. Unplanned outages, for example, can cost an oil and gas company, on average $50 million dollars annually. In the case of a windfarm, in the event of one single fail, an entire turbine needs to come down, a technical crew with a crane needs to be on site costing $100,000 or more for each time a part fails.