The round was led by the Formation 8 Hardware Fund and was joined by the Pritzker Group Venture Capital Existing investors First Round Capital and Lerer Hippeau Ventures also participated in the financing. The capital will be used to accelerate product development, expand sales and marketing of Augury and support the continued growth of Augury.
Augury is redefining the predictive maintenance market, which has remained inaccessible and expensive for decades. Augury is bringing its proprietary algorithms, smart sensing devices and mobile diagnostic tools to new markets, starting with the diagnosis of HVAC (heating, ventilation and air conditioning) systems in commercial buildings. The technology of the company 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 IoT (Internet of Things) diagnostics.
‘Augury is ‘Shazam’ for the machine Using smartphone technology, IoT has become accessible and affordable to legacy systems and large industries,” says Augury CEO Saar Yoskovitz. ‘Formation 8 recognizes Augury as a future market leader in Industrial IoT space, with the potential to capture multi-billion dollar market opportunities in front of it. In addition, the 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. ”
Augury has already made significant progress in its efforts to capture market share, winning a strategic partnership with Fortune 100 Building Services Company, which has adopted its predictive maintenance tool, Auguscope. Augury continues to secure deals by using its mobile solution to enable businesses to solve maintenance problems 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 the Formation 8 Hardware Fund. ‘With our Hardware Fund, we are focused on the connected world and 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 re-imagine industrial IoT space. ”
Around the Augury
Augury is a New York-based and Israel-based company that is bringing predictive maintenance technology to new markets Built on the idea that each machine has its own unique acoustic fingerprint, Augury has developed technology that listens to the machine, analyzes the data and captures any malfunctions before they occur. The Augury solution can be applied to HVAC in industrial factories as well as commercial premises. Augury is building a mechanical diagnostic platform for the Internet of Things Visit www to learn more about Augury. Augury of the Come on,
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