Reports say a Victorian government-backed IoT startup has failed. 

Eloque, a joint IoT startup between the Victorian government and Xerox, has reportedly shut down after 16 months as its bridge monitoring tech was not ready for commercial use, despite prior claims.

Eloque aimed to commercialise fibre optic sensing technology developed during a two-year trial by VicTrack and Xerox. 

The state government invested $82.5 million, with $50 million directly from its funds, making the Department of Transport a customer.

By June 2022, only 23 bridges had sensors, which did not deliver consistent and reliable data. Eloque proposed newer sensors but could not meet the department's expectations.

Victoria's auditor-general criticised the overly optimistic advice, citing a lack of transparency in the commercial aspects of the venture. The audit found incomplete and inaccurate advice.

The audit also faulted stakeholders for inadequate oversight, which led to a slow response when issues arose. Sensors were removed, and FiBridge assets generated only $28,000 in a sale, returned to VicTrack.

The joint venture cost the Victorian government $20.4 million.

More details are accessible here.