Israeli IoT Co Augury Raises $17M

The intersection of IoT and AI allows Augury to provide machines with a mechanical nervous system and the awareness to optimize their own health.

As reported in Globes:

Israeli industrial Internet of Things (IIoT) technology company Augury has closed a $17 million Series B financing round co-led by Eclipse Ventures and Munich Re / HSB Ventures. Additional investors in the current round include Sound Ventures, First Round Capital, Lerer Hippeau Ventures and Pritzker Group Venture Capital. 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.

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.

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.

Industrial IoT (IIoT) is set to reach 100 billion devices as the technology becomes adopted in industrial sectors worldwide as a tool to capture new growth, boost productivity and improve operational efficiency.

In Australia, The Prime Minister’s Industry 4.0 Taskforce was established in April 2016 to connect Australia to global industrial leaders and lead Australian efforts to transition manufacturing to an Industry 4.0 future.