Hartford Steam Boiler Invests in Another Smart Device Company
Hartford Steam Boiler has invested in Augury, a company that makes smart device technology for managing heating, ventilation and air conditioning systems (HVAC systems).
Using vibration and ultrasonic sensors, Augury’s proprietary mechanical diagnostics platform “listens” to the sounds equipment make and uses proprietary analysis and machine learning algorithms to determine if it is working properly or has a malfunction.
HSB's strategic corporate venture capital group is on the lookout for companies that make technology that is usefule for the insurer's equipment breakdown insurance coverage. The company invested in Waygum, which has developed a mobile app environment that allows industrial customers to proactively monitor equipment and services, view and analyze data, manage inventory, and perform other functions, earlier this year.
“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 chief executive officer of 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.”