NEW YORK--(BUSINESS WIRE)--Augury, the predictive machine diagnostics company, today announced a $7 million Series A funding round led by Formation 8 Hardware Fund and joined by Pritzker Group Venture Capital. Existing investors 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 is redefining 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 is ‘Shazam’ for machines. Using smartphone technology, it has made IoT accessible and affordable for legacy systems and large industries,” says Augury CEO Saar Yoskovitz. “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."
Augury has already made significant headway in its efforts to capture market share, winning a strategic partnership with a Fortune 100 building services company that has adopted its predictive maintenance tool, the Auguscope. Augury continues to secure deals by utilizing its mobile solution to enable businesses to solve maintenance issues 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,” says Lior Susan, leader of Formation 8 Hardware Fund. “With our Hardware Fund, we are focused on the connected world and we 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 reimagine the industrial IoT space.”
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.