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.