Augury receives $7m funding to help diagnose the IoT
September 3, 2015:
New York and Israel-based Augury, a predictive machine diagnostics company, has announced a $7m series A funding round led by Formation 8 Hardware Fund and joined by Pritzker Group Venture Capital. Existing investors First Round Capital and Lerer Hippeau Ventures also participated in the funding. The capital will be used to accelerate product development, expand Augury’s sales and marketing and support the company’s on-going growth.
Augury is redefining the predictive maintenance market by bringing its proprietary algorithms, smart sensing device and mobile diagnostics tool to various markets, starting with diagnosing HVAC systems within commercial buildings. The company’s technology has the potential to save billions of dollars in maintenance and energy costs. In doing so, Augury is helping to create a much larger market for predictive maintenance and will eventually expand its reach to diagnosing the IoT.
“Augury is ‘Shazam’ for machines,” says Augury CEO Saar Yoskovitz. “Using smartphone technology, it has made IoT accessible and affordable for legacy systems and large industries. Formation 8 recognises Augury as a future market leader in the industrial IoT space, with the potential to capture the multi-billion dollar market opportunity in front of it. Additionally, Formation 8 Hardware Fund is a recognised leader when it comes to investing at the intersection of hardware and software and we are thrilled to work with the team and our other new partners to take advantage of the real strategic value they bring to the table."
Augury has already made headway in its efforts to capture market share, winning a strategic partnership with a Fortune 100 building services company that has adopted its predictive maintenance tool, the Auguscope. Augury continues to secure deals by using its mobile product to enable businesses to solve maintenance issues faster and at a significantly lower price point than current market offerings.
“Formation 8 seeks out entrepreneurs and companies that have the capacity to create new markets and transform existing ones – and Augury does both,” said Lior Susan, leader of Formation 8 Hardware Fund. “With our hardware fund, we are focused on the connected world and we see Augury’s predictive maintenance technology as a prime example of the commercial application of IoT technology. We look forward to working with Saar and the entire talented Augury team to reimagine the industrial IoT space.”
Built on the idea that each machine has a unique acoustic fingerprint, Augury has developed technology that listens to the machine, analyses the data and catches any malfunctions before they arise. It can be applied to HVAC in industrial factories as well as commercial facilities.