NEW YORK--(BUSINESS WIRE)--Augury, an Industrial Internet of Things (IIoT) technology company, today announced that it has closed a $17 million Series B funding round co-led by Eclipse Ventures and Munich Re / HSB Ventures, the venture arm of Hartford Steam Boiler (HSB) and Munich Re. 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.
This round of venture capital funding for Augury comes after a successful Series A raise completed in August of 2015. Additional investors in the current round include Sound Ventures, First Round Capital, Lerer Hippeau Ventures and Pritzker Group Venture Capital.
“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.
“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,” said Saar Yoskovitz, CEO of Augury. “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.”
“Insurance companies are playing a significant role in the deployment of IIoT solutions,” said Jacqueline LeSage Krause, Managing Director, Munich Re / HSB Ventures. “This investment in Augury further strengthens HSB’s leadership position in IIoT and insurance."
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. To learn more about Augury, visit www.augury.com or follow on Twitter @augurysys.
About Eclipse Ventures
Eclipse Ventures is an early-stage VC firm pioneering the way investments are made in full-stack companies. Founded in 2015 by Lior Susan, Eclipse is focused on digitizing the physical world. For more information, please visit www.eclipse.vc.
About Hartford Steam Boiler (HSB)
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 150 year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, public institutions and consumers. 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.