The predictive machine diagnostics company is attempting to redefine the predictive maintenance market.
Sourced through Scoop.it from: www.globes.co.il
Predictive machine diagnostics company Augury today announced a $7 million Series A funding round led by Formation 8 Hardware Fund and joined by Pritzker Group Venture Capital. Existing investor 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. Augury has offices in New York and Haifa in Israel. Augury is attempting to redefine the predictive maintenance market, one that has remained inaccessible and expensive for decades. Augury is bringing 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. 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 (Internet of Things).
Augury CEO Saar Yoskovitz said, “Augury is ‘Shazam’ for machines. Using smartphone technology, it has made IoT accessible and affordable for legacy systems and large industries. 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.”