Israeli IoT co Augury raises $17m

start-ups

The intersection of IoT and AI allows Augury to provide machines with a mechanical nervous system and the awareness to optimize their own health.

Israeli industrial Internet of Things (IIoT) technology company Augury today announced that it has closed a $17 million Series B financing round co-led by Eclipse Ventures and Munich Re / HSB Ventures. Additional investors in the current round include Sound Ventures, First Round Capital, Lerer Hippeau Ventures and Pritzker Group Venture Capital. Augury will use the funding to strengthen Original Equipment Manufacturer (OEM) relationships, develop strategic partnerships and further establish itself as the leader in mechanical diagnostics.

The Haifa based company, which has offices in New York, was founded by CEO Saar Yoskovitz and CTO Gal Shaul. The company raised $7 million in its series A financing round in August 2015.

Yoskovitz said, “We are building a long-lasting company with the goal of diagnosing everything that has moving parts, effectively creating the mechanical nervous system of the IioT. Equipment manufacturers and other market leaders in the industrial sector are increasingly turning to PdM as a critical component for their IIoT strategy. This funding will enable Augury to become a driving force towards the connected era of tomorrow.”

“Augury is by far the leading provider of mechanical diagnostics in the commercial and industrial sectors,” said Lior Susan, Managing Partner, Eclipse Ventures. “This investment perpetuates the commercial application of IIoT technology into what will become an inevitable part of predictive maintenance technology. We are confident that Augury will continue to redefine and lead the future of diagnostics in the Industrial Internet of Things.”

Augury’s existing OEM relationships include Grundfos, Armstrong and PSG Dover. Additional industry-leading customers include Johnson Controls, Trane, Carrier, Mueller, Aramark and AECOM. As they expand their market reach, Augury will continue to exponentially grow their mechanical malfunction dictionary, thus improving their diagnostics capabilities. This injection of capital will help to solidify Augury’s market leading position as a real-time, intelligent Predictive Maintenance (PdM) solution.

Augury is bringing predictive maintenance technology to new markets. The technology combines two key shifts in the industry: artificial intelligence and the Industrial Internet of Things. The intersection of these trends allows Augury to provide machines with a mechanical nervous system and the awareness to optimize their own health, thereby accelerating human productivity and safety.

Published by Globes [online], Israel business news - www.globes-online.com - on June 19, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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