Israeli AI-based machine health monitoring company Augury today announced it has signed a definitive agreement to acquire Israeli AI-based process intelligence company Seebo in a cash and stock deal estmated at about $140 million.
Augury’s machine health solutions help companies ranging from Colgate and PepsiCo to ICL and Essity predict machine reliability and performance issues to eliminate downtime and increase production efficiencies. The company raised $180 million last October at a valuation of over $1 billion, and has raised a total of $286 million.
Seebo’s process-based AI provides manufacturers with insights to optimize processes in the face of objectives such as improving quality, throughput and yield, while reducing waste, energy consumption and emissions.
Augury and Seebo will combine to provide an AI-driven view into the diverse factors that influence overall production health. These correlated insights will enable customers to take actions that improve asset performance, process optimization, quality, sustainability and safety.
Augury CEO Saar Yoskovitz said, "Manufacturers realize their competitiveness depends on empowering their frontline teams. However, methodologies like TPM and IWS can only drive production gains so far, without accurate insights into the inter-related ways that processes, materials, environment and equipment impact production health. The lack of a unified platform to provide these insights stifles collaboration and progress. The combination of our full-stack machine health platform and Seebo’s process-based AI will give cross functional teams the correlated view they need to transform how they work, and unlock $1 trillion in untapped production potential from existing facilities worldwide."
The deal is expected to close at the end of May, at which time Seebo’s founders Lior Akavia and Liran Akavia, as well as other Seebo executives, will join Augury’s management team. All Seebo's 85 employees will join Augury's workforce of about 320.
Published by Globes, Israel business news - en.globes.co.il - on May 10, 2022.
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