Internet of Things machine diagnostic system uses vibration and ultrasound sensors to monitor HVAC equipment to assess potential failures.
Hartford Steam Boiler (HSB) 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 and Augury share a common core principle of helping our clients improve the operation of their equipment and preventing losses,” said Greg Barats, president and chief executive officer of HSB. “Augury uses cutting edge technology and the Internet of Things to give its customers real-time information on equipment they can use now and when planning for the future.”
HSB’s strategic corporate venture capital group has invested in Augury as part of a series of investments, which support HSB’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.
The investment in Augury supports HSB’s longstanding commitment to loss prevention. HSB’s strategic corporate venture capital group invests in and partners with companies across all funding stages that are developing new technologies and services such as the industrial Internet of Things, cyber security, and energy and energy efficiency.