US-based industrial internet-of-things (IIoT) technology developer Augury completed a $17m series B round on Monday that was co-led by Munich Re/HSB Ventures, a strategic investment subsidiary of reinsurer Munich Re.
The round was co-led by venture capital firm Eclipse Ventures and also featured VC firms Sound Ventures, First Round Capital and Lerer Hippeau Ventures, and Pritzker Group Venture Capital, the VC arm of investment firm Pritzker Group.
Augury is working on IIoT technology that can perform mechanical diagnostics on machinery in order to assess when they will need maintenance. It will spend the series B cash on forming strategic and original equipment manufacturer partnerships.
The round increased the company’s total funding to $26m, and follows a $7m series A round in 2015 led by VC firm Formation 8’s Hardware Fund and backed by Pritzker Group Venture Capital, First Round and Lerer Hippeau Ventures, the latter two as existing investors.
Jacqueline LeSage Krause, managing director of Munich Re/HSB Ventures, said: “Insurance companies are playing a significant role in the deployment of IIoT solutions.
“This investment in Augury further strengthens HSB’s leadership position in IIoT and insurance.”