Israeli AI-based machine health solution provider Augury today announced the closing of its Series C financing round of $25 million led by Insight Venture Partners, with support from existing investors Eclipse Ventures, Munich Re/HSB Ventures, Pritzker Group Venture Capital, and Lerer Hippeau.
Augury helps drive digital transformation for industrial and commercial organizations by providing machine health and performance visibility to improve productivity and increase uptime. With this new funding, Augury will expand its global operations and enhance its industrial analytics capabilities.
Augury cofounder and CEO Saar Yoskovitz said, “As the market continues to evolve rapidly on its journey to digital transformation, more enterprises seek to uncover blind spots in their operations with AI-based machine health solutions. Over the course of the last year, we have made substantial gains in the market and look forward to deepening our partnerships in the year ahead. With this funding, we will continue to innovate and support our partners on a global scale.”
Augury has also completed acquisition of Alluvium - a startup whose computing platform provides simple, real-time machine insights to support safe, stable, and efficient industrial operations. Through Alluvium, Augury becomes the first industrial analytics company to provide both mechanical and operational insights on a unified platform to provide a holistic view of an operation. Not only does this acquisition enhance Augury’s analytics capabilities, but also incorporates Alluvium’s team to Augury to further drive innovation.
“We are thrilled to be joining the Augury team and combining our best-in-class machine learning capabilities together with Augury’s to provide a single platform that delivers both mechanical and operational insights,” said Drew Conway, Co-Founder and CEO of Alluvium. “This powerful combination will provide unprecedented transparency into the health of an operation and solidify Augury’s lead in the market.”
With offices in Haifa and New York, to date, Augury has received more than $51 million in funding . The company holds OEM relationships with Grundfos and PSG Dover, as well as dozens of industry-leading customers from Commercial & Industrial and manufacturing in the Fortune 500 spanning the CPG, Food & Beverage, and Pharma Manufacturing industries. As Augury expands its existing customer base, it is actively looking for new talent to join its growing team.
Augury was represented by Advs Hanan Haviv, Gal Eschet, and Moshe Saado, of Herzog Fox & Neeman Law Office
Published by Globes, Israel business news - en.globes.co.il - on January 31, 2019
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