Israeli AI-based machine health monitoring company Augury today announced it has completed a $180 million Series E financing round at a company valuation of over $1 billion. According to PitchBook, Augury had a valuation of $345 million when it raised funds in October 2020.
This round was led by Baker Hughes, with participation from new investor SE Ventures, and existing investors Insight Partners, Eclipse Ventures, Qumra Capital, Qualcomm Ventures LLC, the HSB Fund of Munich Re Ventures and Lerer Hippeau. This brings to $286 million the total amount raised by Augury.
Haifa-based Augury, which was founded in 2011 by CEO Saar Yoskovitz and CTO Gal Shaul, has developed an IoT and AI driven machine health solution that provides insights into the health and performance of the machines, which manufacturers use to make products, and deliver services. Augury has 250 employees including 120 in Israel.
The company will use the latest investment, together with over $20 million in unused funds from its Series-D round, to expand globally, create offerings for new industries such as energy, and continue to innovate in Augury’s core manufacturing market to help customers to improve the reliability, resiliency and efficiency of their machines and operations.
Augury has pioneered machine health, which uses IoT and AI to predict and prevent industrial machine failures and improve machine performance. Machine health allows manufacturers to reduce downtime, increase production capacity and productivity, optimize the cost of industrial asset care and accelerate their digital transformation.
Augury’s customers include top global manufacturers such as Colgate-Palmolive, PepsiCo, Hershey’s, ICL and Roseburg. The company’s machine health solutions can deliver a return on investment (RoI) of between three-fold and ten-fold for customers, with programs paying for themselves within months.
Augury CEO Saar Yoskovitz said, "We’ve spent the last decade building towards a future where we can always rely on the machines that matter, in the sectors that matter. Today marks a significant step into that future since our industry’s leading organizations have recognized the importance of machine health to them and their customers, and trust Augury to be their machine health partner."
Published by Globes, Israel business news - en.globes.co.il - on October 26, 2021.
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