Wheelings and Dealings: HSB Invest in Augury for Loss Prevention Through IoT

IoT is a technology ideally suited to creating efficiencies throughout the industrial industry, and one of the areas of potential is loss prevention and asset management.

Hartford Steam Boiler (HSB), part of Munich Re, has announced that it has invested in Augury, a predictive machine diagnostics company that is bringing its proprietary algorithms, smart sensing device and mobile diagnostics tool 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 has plans to expand its reach to diagnosing the IoT itself.

“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 CEO, 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 a piece of equipment makes 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, Augury.

Sounds good.