Augury, an AI-based machine health solution provider, has received an $8 million investment by Qualcomm Ventures LLC, a subsidiary of Qualcomm Inc. 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.
The investment comes from Qualcomm Ventures’ AI Fund, and builds upon the momentum Augury generated from its $25 million Series C funding earlier this year.
“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, in a statement. “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.”
The companies expect 5G to help the industrial market realize expedited time to value across manufacturing lines, and in 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,” said Carlos Kokron, Vice President, Qualcomm Technologies, Inc. and Managing Director, 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.”