US-based internet-of-things (IoT) technology developer Augury has raised $25m in a series C round featuring reinsurer Munich Re and acquired corporate-backed machine learning technology developer Alluvium.
The round was led by private equity and venture capital firm Insight Venture Partners and included Eclipse Ventures, Lerer Hippeau Ventures and Pritzker Group Venture Capital, the VC unit of investment firm Pritzker Group. Munich Re invested through its Munich Re/HSB Ventures unit.
Augury has developed vibration and ultrasonic sensors that can be attached to a smartphone to detect malfunctions in industrial machines, using artificial intelligence technology to monitor the health status of the equipment and provide maintenance recommendations.
The series C round increased Augury’s total funding to more than $51m and came after a $17m series B round in June 2017 co-led by Munich Re/HSB Ventures and Eclipse Ventures and backed by Sound Ventures, First Round, Lerer Hippeau and Pritzker Group Venture Capital.
VC firm Formation 8’s Hardware Fund had led the company’s $7m series A round two years before, investing alongside Pritzker Group VC, First Round and Lerer Hippeau.
Augury said it will use the capital from the series C round to fund its global expansion plans and expand its industrial analytics capabilities. It has also acquired machine learning technology developer Alluvium for an undisclosed sum, handing an exit to media company Bloomberg.
Alluvium received $2.5m in a 2016 seed round co-led by Bloomberg Beta, Bloomberg’s early-stage corporate venturing arm, with IA Ventures and Lux Capital.