Augury, a well-known AI-based machine health solution provider, today announced an investment of US $8 million by Qualcomm Ventures LLC, a subsidiary of Qualcomm Incorporated, to “accelerate the transformation of the industrial sector.”
The $8 million investment comes from Qualcomm Ventures’ AI Fund and builds upon the momentum Augury generated from its $25 million Series C earlier this year, said Augury in a press release.
“As digital transformation in the industrial market continues to gain significant traction, it is clear today that 5G technologies will play an essential role in enabling the promise of the Industrial IoT at scale,” said Saar Yoskovitz, co-founder and CEO of Augury, in the press statement. “5G’s promise of lower power, increased bandwidth, and low latency capabilities will enable us to re-imagine the way our products work and the value we can provide to our customers and partners. By working with Qualcomm to deploy and utilize 5G-enabled technologies, we will exponentially scale our machine health solutions to make the manufacturing industry more reliable, while helping our partners transform their operations.”
“Augury has emerged as a leader in IIoT, leveraging AI to enable the world’s leading manufacturers to improve their operations through better machine health monitoring,” said Carlos Kokron, Vice President, Qualcomm Technologies, Inc., and Managing Director, Americas for Qualcomm Ventures, who also joins Augury’s board of directors as an observer. “We are excited by their vision and traction, and are looking forward to working with them to advance 5G and edge computing in industrial settings.”