US-Israeli AI machine health solution provider Augury announced Wednesday it has raised $55 million in a Series D round.
The round was was led by Qumra Capital, a leading late-stage venture capital firm based out of Israel. It includes participation from existing key investors, including Insight Venture Partners, Eclipse Ventures, Munich Re Venture Capital, Qualcomm Ventures and Lerer Hippeau Ventures.
The infusion of capital will be used to sustain and accelerate the company’s rapid growth and to enable them to capitalize on the opportunity to help industrial companies improve the reliability, resilience, and efficiency of their manufacturing operations.
With the new funding, Augury not only plans to expand geographic delivery for customers but will continue to grow its engineering and development teams in Israel as well as its services and sales teams around the globe
Augury has raised $106 million since its initial funding six years ago.
Founded in 2012, Augury seeks to make machines more reliable by combining artificial intelligence (AI) and the Internet of Things (IoT.) The intersection of these two trends allows Augury to provide industry leaders with early, actionable and comprehensive insights into machine health and performance. The insights provide early warning of developing machine issues and help determine what could be wrong.
Augury’s customers includeHershey’s, Colgate-Palmolive, Essity, Heineken and ICL.
The company announced new partnerships and capabilities to help global customers gain the benefit of prescriptive diagnostics and machine insights, including building a network of delivery partners to supplement Augury and customer-led installations, expanding language support, and broadening the range of country-specific certifications to enable deployment of machine health in more geographies.
“We’ve seen significant and accelerating growth in our business, both before and during the global health crisis,” said Saar Yoskovitz, co-founder and CEO of Augury. “We also continue to build a powerful ecosystem for Machine Health to deliver new forms of value for customers. Our partner and alliance network includes OEMs and services providers such as Grundfos, Carrier and Trane, insurance partner Munich Re, and innovative new partners such as DSV, which will leverage its global logistics network to enable replacement parts as a service, informed by Augury’s insights into potential machine failures.”
In the past year, even as the COVID-19 crisis took hold of the globe, Augury has more than tripled revenue under contract.
Sivan Shamri Dahan, managing Partner at Qumra Capital, said that the “COVID-19 crisis has revealed critical failures in the global supply chain. The shortage in basic products due to the increased demand, coupled with the inability of manufacturers to meet supply requirements, demonstrated an urgent need to digitally transform the manufacturing world.”
“Augury, which plays a significant role in this digital revolution, is experiencing tremendous growth. Its track record of expansion and execution, positions it to be a world leader in the large IIoT market. We are happy to support Augury and join it on its exciting journey,” she added.