HARTFORD, Conn.--(BUSINESS WIRE)--Hartford Steam Boiler (HSB), part of Munich Re, announced today it has invested in Augury, a predictive machine diagnostics company that is bringing its proprietary algorithms, smart sensing device and mobile diagnostics tool to new markets, starting with diagnosing heating, ventilation and air conditioning (HVAC) systems within commercial buildings.
Augury’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 Internet of Things (IoT).
“HSB and Augury share a common core principle of helping our clients improve the operation of their equipment and preventing losses,” said Greg Barats, president and chief executive officer of HSB. “Augury uses cutting edge technology and the Internet of Things to give its customers real-time information on equipment they can use now and when planning for the future.”
HSB's strategic corporate venture capital group has invested in Augury as part of a series of investments, which support HSB's strategy of combining advanced technology with its equipment breakdown insurance and engineering resources to help its customers manage risk.
Using vibration and ultrasonic sensors, Augury’s proprietary mechanical diagnostics platform “listens” to the sounds equipment make and uses proprietary analysis and machine learning algorithms to determine if it is working properly or has a malfunction.
“Our diagnostic service makes predictive maintenance easier and more affordable for commercial buildings, hospitals and factories so HVAC contractors and regular maintenance staff can record the data and perform diagnostics,” said Saar Yoskovitz, CEO and co-founder of Augury.
The investment in Augury supports HSB’s longstanding commitment to loss prevention. HSB’s strategic corporate venture capital group invests in and partners with companies across all funding stages that are developing new technologies and services such as the industrial Internet of Things, cyber security, and energy and energy efficiency.
Hartford Steam Boiler (HSB), a part of Munich Re since 2009, is a leading engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting. Founded in 1866, HSB's difference is grounded in extensive technical knowledge with over 50 percent of its staff engineers, inspectors and technical personnel around the globe. We leverage our knowledge to anticipate future risks and develop a range of specialized solutions that enable our clients to build deeper and more profitable customer relationships. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
Augury is a New York- and Israel-based company that is 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, analyzes the data and catches any malfunctions before they arise. The Augury solution can be applied to HVAC in industrial factories as well as commercial facilities. Augury is building the mechanical diagnostics platform for the Internet of Things. To learn more about Augury, visit www.augury.com.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.