- Augury, a leading AI-based machine health solution provider, announced it raised $8 million from Qualcomm Ventures
Augury — a leading AI-based machine health solution provider — announced it received an $8 million investment from Qualcomm Ventures LLC, a subsidiary of Qualcomm Incorporated. The $8 million investment comes specifically 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 has recognized Augury as a leader in the Industrial Internet of Things (IIoT) based on its established client base, digital transformation expertise, and disruptive vision. And together, the two companies are positioned to accelerate the Industry 4.0 movement beyond today’s pace by laying a new foundation for digital machine health.
Previous cellular network generations have focused on consumer applications, but 5G holds the potential of opening a new segment — which is a much larger industrial market. The power efficiency and reduced latency provided by 5G will see expedited time to value across manufacturing lines along with new use cases that are being developed and established within the industry today.
“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,” added Qualcomm Technologies vice president Carlos Kokron and Managing Director of Americas for Qualcomm Ventures — who is also joining Augury’s board of directors as an observer. “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.”
