Internet of things News
Industrial IoT Startup Augury Secures $17 Million In Series B Funding To Expand Partnership Strategy
Internet of Things startup Augury, which offers predictive maintenance technology for industrial companies, said Monday it has closed $17 million in a Series B funding round.
Saar Yoskovitz, CEO of the New York-based company, said the companywill use the latest round of funding to develop strategic partnerships and strengthen its existing OEM relationships.
"Our goal for this round is to grow our sales and go-to market strategy," he said. "We want to find new partners, get to more enterprise customers, install more systems on more machines and get more data for our customers."
Augury makes diagnostic technology that physically captures machines' unique acoustic fingerprints, analyzes the data and finds any potential malfunctions before they happen.
While predictive maintenance solutions have typically been used in the high-end market – which includes products like jet engines and gas turbines – Augury wants to bring this capability to the rest of the industry with its flagship product, the Auguscope.
This technology is a handheld device that listens to machines and enables analysis capabilities on critical operational technology like pumps, fans, chillers and HVAC systems.
Augury also offers technology enabling industrial customers to continuously monitor data on their noncritical machines. The company's platform includes a management platform and complementary mobile app so that industrial customers can see trends and statistics about their machines.
The company's latest funding, co-led by Eclipse Ventures and the venture arm of Hartford Steam Boiler, is its second round – in August, Augury secured a Series A round with additional investors like Sound Ventures, First Round Capital, Lerer Hippeau Ventures and Pritzker Group Venture Capital.
’Equipment manufacturers and other market leaders in the industrial sector are increasingly turning to [predictive maintenance] as a critical component for their IIoT strategy," said Yoskovitz. "This funding will enable Augury to become a driving force toward the connected era of tomorrow.’
The company currently partners with services companies and OEMs as part of its Augury Partnership Program. These partners serve as distributors who integrate and fine-tune its platform for buildings, factories and HVAC systems, said Yoskovitz
Augury's technology is currently used by companies like Johnson Controls, Trane Building Services and Mueller Industries.
But looking ahead, Yoskovitz said he hopes new partnerships will help the startup extend beyond the industrial market into new verticals.
"Today we're active in the industrial space, so we're focused on fans, pumps and compressors. But we want to expand to other types of machinery… our goal is to be inside everything that has moving parts," he said.