Bengaluru: Augury, a New York-based machine diagnostics company, raises $7 million in series A funding round led by Formation 8 Hardware Fund and Pritzker Group Venture Capital. Its existing investors First Round Capital and Lerer Hippeau Ventures also contributed to the round. The company plans to utilize the fresh capital to accelerate its product development and expand its sales & marketing teams to support their ongoing business growth. Prior to this, the company had raised $2 million seed funding from Demarest, First Round Capital, Lerer Hippeau Ventures and other investors in 2014.
Speaking on the occasion, Saar Yoskovitz, CEO, Augury, says, “Augury is ‘Shazam’ for machines. Using smartphone technology, it has made IoT accessible and affordable for legacy systems and large industries. 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”.
“Formation 8 seeks out entrepreneurs and companies that have the capacity to create new markets and transform existing ones – and Augury does both. 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,” quotes Lior Susan, leader of Formation 8 Hardware Fund.
Founded in 2011 by the qualified Isreal Institute of Technology alumni - Gal Shaul and Saar Yoskovitz, Augury’s platform automatically diagnoses machines based on the sounds that they make. By connecting vibration and ultrasonic sensors to smartphones and pairing them with machine learning algorithms, the platform predicts the functioning of the machines in a very efficient manner.
Augury redefines the machine diagnostics market by providing proprietary algorithms, smart sensing devices and mobile diagnostic tools to the new markets; with their current focus on heating, ventilation and air conditioning systems within the offices or other commercial buildings. The company helps large enterprises in saving billions of dollars towards maintenance and energy costs.