Qualcomm Ventures invests $8 million in IIoT firm Augury
AI-based machine health solution provider Augury announced that it has received an investment by Qualcomm Ventures, with the aim of accelerating the transformation of the industrial sector.
Qualcomm Ventures said it had identified Augury as a leader in the Industrial Internet of Things (IIoT) based on its established client base and its digital transformation expertise. The two companies are positioned to accelerate the Industry 4.0 movement by laying a new foundation for digital machine health, according to Qualcomm Ventures.
The $8 million investment comes from Qualcomm Ventures’ AI Fund.
“As digital transformation in the industrial market continues to gain significant traction, it is clear today that 5G technologies will play an essential role in enabling the promise of the Industrial IoT at scale,” said Saar Yoskovitz, co-founder and CEO of Augury. “5G’s promise of lower power, increased bandwidth and low latency capabilities will enable us to re-imagine the way our products work and the value we can provide to our customers and partners. By working with Qualcomm to deploy and utilize 5G-enabled technologies, we will exponentially scale our machine health solutions to make the manufacturing industry more reliable, while helping our partners transform their operations.”
Qualcomm Ventures said that the power efficiency and reduced latency provided by 5G will see expedited time to value across manufacturing lines, and in new use cases that are being developed.
“Augury has emerged as a leader in IIoT, leveraging AI to enable the world’s leading manufacturers to improve their operations through better machine health monitoring,” said Carlos Kokron, VP for Qualcomm Technologies and managing director of the Americas for Qualcomm Ventures. “We are excited by their vision and traction, and are looking forward to working with them to advance 5G and edge computing in industrial settings.”
Augury combines the foundations of asset performance management (APM) and predictive maintenance (PdM) with the most recent advances in sensor technology and artificial intelligence to provide companies in the industry sector with insight into their operations.
The firm’s Machine Health solution ‘listens’ to machines, analyzes data in real-time, and provides accurate and actionable machine health insights.
Augury has offices in New York City and Haifa, in Israel.