Augury Raised $55 Million for Machine Sensors Platform
19 October, 2020
Augury’s first installation of Machine Health solution saved ICL more than $1,000,000 in production losses and downtime costs in only 10 months
The AI-based Machine Health solution provider from Haifa, Israel, has secured $55 million growth funding round led by Qumra Capital and with participation of existing key investors, including Insight Venture Partners, Eclipse Ventures, Munich Re Venture Capital and Qualcomm Ventures. With this round Augury has raised $106 million since its initial funding six years ago.
Augury provides AI-based Machine Health solution for the Industry 4.0 production floor using vibration, ultrasound and other types of sensing technologies to detect equipment malfunctions and provide detailed recommendations for maintainanace. Its algorithms use vast amounts of collected data from over 40,000 machines to build a model of how malfunctioning equipment behaves.
Augury’s customers include manufacturers such as Hershey’s, Colgate-Palmolive, Essity, Heineken and ICL. The comapny said it ihas more than tripled its revenue n the past year. The new funding will finance the expansion of its engineering and development teams in Israel as well as its services and sales teams around the globe.
Earlier this month, ICL announced the expansion of its AI-based Machine Health program with Augury. ICL is a global manufacturer of products based on unique minerals. It said that Augury’s first installation of Machine Health solution saved ICL more than $1,000,000 in production losses and downtime costs in only 10 months. As a result ICL will implement this technology across all of its factories located in Israel, Europe, North and South America.