Hartford Steam Boiler (HSB), part of Munich Re, announced recently that it has invested in Augury, a predictive machine diagnostics company that is bringing its proprietary algorithms, smart sensing device and mobile diagnostics tool to new markets, starting with diagnosing heating, ventilation and air conditioning (HVAC) systems within commercial buildings.
Augury’s technology has the potential to save billions of dollars in maintenance and energy costs. In doing so, Augury is helping to create a much larger market for predictive maintenance and will eventually expand its reach to diagnosing the Internet of Things (IoT).
HSB’s strategic corporate venture capital group has invested in Augury as part of a series of investments, which support the company’s strategy of combining advanced technology with its equipment breakdown insurance and engineering resources to help its customers manage risk.
Using vibration and ultrasonic sensors, Augury’s proprietary mechanical diagnostics platform “listens” to the sounds equipment make and uses proprietary analysis and machine learning algorithms to determine if it is working properly or has a malfunction.
“Our diagnostic service makes predictive maintenance easier and more affordable for commercial buildings, hospitals and factories so HVAC contractors and regular maintenance staff can record the data and perform diagnostics,” said Saar Yoskovitz, CEO and co-founder of Augury.