Augury, the predictive machine diagnostics company, today announced a US $7 million 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 ongoing growth, it said.
Augury is “redefining” the predictive maintenance market, one that has remained inaccessible and expensive for decades. It does that with its proprietary algorithms, smart sensing device and mobile diagnostics tool to new markets, starting with diagnosing HVAC (heating, ventilation and air conditioning) systems within commercial buildings.
“Augury is ‘Shazam’ for machines. Using smartphone technology, it has made IoT accessible and affordable for legacy systems and large industries,” says Augury Chief Executive Officer Saar Yoskovitz. “Formation 8 recognizes 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 recognized 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.”
The company said in a written statement that it had already made significant headway in its efforts to capture market share, winning a strategic partnership with a Fortune 100 building services company that had adopted its predictive maintenance tool, the Auguscope.
Having an office in New York, this Israel-based company claims to be bringing predictive maintenance technology to new markets. 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.
Image Credit: Augury