Israeli AI-based machine monitoring solution provider Augury today announced it has completed a $55 million Series D financing round led by Qumra Capital, and with the participation of Insight Venture Partners, Eclipse Ventures, Munich Re Venture Capital, Qualcomm Ventures and Lerer Hippeau Ventures. This brings to $106 million the amount raised by the company.
Haifa-based Augury, which was founded by CEO Saar Yoskovitz and Gal Shaul, supports its customers by enabling digital transformation through insights into the health and performance of the machines the customers use to make products, and deliver services. The company has 110 employees including 60 in its Haifa development center and the remainder in New York.
Yoskovitz said, "We’ve seen significant and accelerating growth in our business, both before and during the global health crisis. We also continue to build a powerful ecosystem for Machine Health to deliver new forms of value for customers. Our partner and alliance network includes OEMs and services providers such as Grundfos, Carrier and Trane, insurance partner Munich Re, and innovative new partners such as DSV, which will leverage its global logistics network to enable replacement parts as a service, informed by Augury’s insights into potential machine failures."
Augury’s customers include Hershey’s, Colgate-Palmolive, Essity, Heineken and ICL. In the past year Augury has more than tripled revenue under contract, while delivering 3-8x ROI for customers, usually in a matter of months. With the new funding, Augury will not only expand geographic delivery for customers but will continue to expand its engineering and development teams in Israel as well as its services and sales teams around the globe.
Qumra Capital managing partner Sivan Shamri Dahan said, "The Covid-19 crisis has revealed critical failures in the global supply chain. The shortage in basic products due to the increased demand, coupled with the inability of manufacturers to meet supply requirements, demonstrated an urgent need to digitally transform the manufacturing world. Augury, which plays a significant role in this digital revolution, is experiencing tremendous growth. Its track record of expansion and execution, positions it to be a world leader in the large IIoT market."
Published by Globes, Israel business news - en.globes.co.il - on October 14, 2020
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