Augury raised $180M on $1 billion valuation

Augury Company from Haifa has completed a $180M fundraising, based on $1 billion company value. Current round raises the company’s total fundraising to $286M. The round was led by Baker Hughes, one of the biggest global providers of services and equipment for the gas & oil industry, with more than a $20 billion revenues in 2020. Following the investment, Baker Hughes will take a seat in Augury’s board of directors, and will also incorporate Augury’s platform into its operational systems. New investor in the current round is SE Ventures, the corporate venture arm of Schneider Electric.

With $200M in cash, Augury will use it to globally expand its operation and enter new fields such as the energy sector. The company was founded in 2014 by CEO Saar Yoskovitz and CTO Gal Shaul. Company’s headquarters is located in New-York, while its R&D center is in Downtown Haifa. Augury’s platform monitors industrial machines’ mechanical state using various sensors, including vibration, temperature and magnetic sensors.

The information gathered by the sensors is collected continuously, transmitted to the cloud and analyzed by artificial intelligence algorithms combined with operational and mechanical models. The analysis in the cloud compares between the data collected from current machine’s state and historical data regarding current machines and other similar ones. This analysis provides insights regarding abnormal patterns which might indicated machine malfunction, flaw or depreciation. Also, the system produces recommendations as for the optimal methods of locating and fixing the issue. Augury’s customers include Heineken, Tnuva, Danone, Bosch Health, Nestle, Nefco and more.

Augury Raised $55 Million for Machine Sensors Platform

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.