Augury Raises $55 Million Series D Funding to Sustain Rapid Growth, Announces New Global Partnerships and Capabilities
Augury, a leading AI-based Machine Health solution provider, today announced it has secured $55 million in funding. The additional capital will be used to sustain and accelerate Augury’s rapid growth and to capitalize on the opportunity to help leading industrial companies improve the reliability, resilience and efficiency of their manufacturing operations. This Series D round 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. With this round Augury has raised $106 million since its initial funding six years ago.
The company also announced new partnerships and capabilities to help its global customers gain the benefit of prescriptive diagnostics and machine insights, no matter where in the world they operate. These include:
- Building a network of delivery partners to supplement Augury- and Customer-led installations, including ProPap in Germany, Caverion in Finland and Pluriservice in Italy, Fuse IoT to cover Latin and South America, and 42 North who provides additional coverage for North America;
- Expanding language support for the Augury platform, both for the platform itself and the key alerts that customers receive;
- Broadening the range of country-specific certifications to enable deployment of Machine Health in more geographies than ever before.
“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.”
Augury’s customers include the world’s largest and most forward-thinking manufacturers such as Hershey’s, Colgate-Palmolive, Essity, Heineken and ICL. In the past year Augury has more than tripled revenue under contract, while delivering 3-8x ROI for customers, usually in a matter of months. With the new funding, Augury will not only expand geographic delivery for customers but will continue to expand its engineering and development teams in Israel as well as its services and sales teams around the globe.
Sivan Shamri Dahan, managing Partner at Qumra Capital, said, “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.”
The Machine Health category in which Augury leads sits at the intersection between powerful new AI-driven visibility into machine functions and fundamental processes in manufacturing, including maintenance and asset management. Augury’s insights give customers the ability to adapt their maintenance and manufacturing processes based on actual machine condition, history and relationship to processes and materials, rather than traditional time-based processes. The results are significant reductions in planned and unplanned downtime, reductions in spare parts inventories, and positive impact on productivity, margins and ability to meet customer demand even in the most challenging circumstances.
According to Rita Sallam, Distinguished VP Analyst at research firm Gartner, data and analytics combined with artificial intelligence (AI) technologies will be paramount in the effort to predict, prepare and respond in a proactive and accelerated manner to a global crisis and its aftermath. “To innovate their way beyond the post-Covid-19 world, data and analytics leaders require an ever-increasing velocity and scale of analysis in terms of processing and access to succeed in the face of unprecedented market shifts,” says Sallam.
Augury is building a world where people can always rely on the machines that matter. Augury supports its customers by enabling Digital Transformation through superior insights into the health and performance of the machines they use to make products, deliver services and improve lives.
Qumra is the first Israeli-based Capital fund to focus on the Israeli late stage market, looking for exceptionally ambitious and visionary teams and businesses. Qumra focuses on highly analytical, data driven companies that can successfully scale to global leadership in their domain and invest in rapidly growing companies with a proven market fit. Portfolio companies include Fiverr, JFrog, Appsflyer, Riskified and JoyTunes
PAN Communications for Augury
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Saudi Arabia Sets out Strategy to Become a World Leader in Artificial Intelligence By 203021.10.2020 18:07:00 CEST | Press release
Saudi Arabia revealed its National Strategy for Data & AI (NSDAI) which will make the country a global leader in Artificial Intelligence by 2030. Saudi Arabia’s NSDAI intends to put AI at the heart of the country’s development and growth. By 2030, Saudi Arabia’s vision is to become the place where the best of Data and AI is made reality. Under the strategy, Saudi Arabia will implement a multi-phase, multi-faceted plan that includes skills, policy and regulation, investment, research and innovation, and ecosystem development. This will enable the country to become a global hub for data and AI, and to rank among the top data-driven economies in the world. Speaking at the launch of the strategy, HE Dr. Abdullah Bin Sharaf Alghamdi, President of SDAIA, said: “The National Strategy for Data and AI sets the direction and foundations upon which we will unlock the potential of data and AI to fulfill our national transformation priorities and establish Saudi Arabia as a global hub for data and
Women 20 (W20) Challenges G20 Leaders to Close the Gap Between Imagination and Reality on Women’s Equality21.10.2020 18:01:00 CEST | Press release
Women 20 (W20), the women’s engagement group to the G20, challenged G20 leaders to live up to their promises of the past and make women’s economic equality a reality. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201021005766/en/ W20 Chair Dr. Thoraya Al Obaid and G20 Chair of Trade and Investment His Excellency Dr. Majid Alqassabi with the final Communiqué of the W20 Working Group (Photo: AETOSWire) Laying out measures to expedite the economic recovery from the COVID-19 pandemic, the W20 presented its Communiqué to H.E. Dr. Majid Alqassabi, Minister of Commerce, Chair of G20 Trade and Investment, representing the Presidency of the G20. The pandemic provides an opportunity for G20 leaders to reset G20 economies based on the full and equitable participation of women. “Unless urgent action is taken, the pandemic will continue to exacerbate gender inequalities, expose vulnerabilities, and roll back gains made on women’s equali
Saudi Arabia Partners With the World Bank to Ensure No Nation Is Left Behind on AI21.10.2020 17:59:00 CEST | Press release
The World Bank and Saudi Arabia have announced a long-term partnership to accelerate the use of Artificial Intelligence (AI) in developing nations in support of economic and development goals. The objective is to ensure that no nation is left behind in the race to unlock the value of AI while ensuring the appropriate safeguards are in place to manage the risks associated with AI. Under the partnership, the World Bank and Saudi Arabia, represented by the Saudi Data and Artificial Intelligence Authority (SDAIA), will cooperate to assist countries in creating policies and initiatives that harness the power of AI to support national development and growth. AI and related technologies are expected to unlock an additional $15tn of economic value worldwide before 2030, but many developing nations do not have yet the technical readiness to share in this new wealth. The partnership will support target nations to identify gaps in their own readiness and ability to utilize AI and data and develop
Taulia Appoints Andy Lee as Director, Supply Chain Finance21.10.2020 16:30:00 CEST | Press release
Taulia, the leader in working capital technology solutions, has today announced the appointment of Andy Lee as Director, Supply Chain Finance. Based in New York, Lee will be responsible for expanding Taulia's funding partners, building strategic relationships and supporting product development in North America. “The natural next step for our growing team was to bring someone onboard with deep experience within the banking sector and superior knowledge of the fintech space. Andy will enable us to develop the right financial partnerships so that we can continue to offer a disruptive and valuable service to our customers,” says Alexander Mutter, Managing Director of Capital Markets, Taulia. “In these unprecedented times, supply chain finance has been a key source of working capital for businesses large and small. I’m looking forward to diving right in, driving strategic relationships and building connections with our North American partners that will help expand access to these solutions,
Eaton Launches New Metal 3D Printing Program to Reduce Development Time, Improve Efficiency21.10.2020 16:00:00 CEST | Press release
Power management company Eaton today announced its Vehicle Group is implementing a new 3D metal printing program as a part of its Industry 4.0 strategy to reduce development time and improve efficiency. The first metal printer system was installed at the Kings Mountain, N.C., facility, and a global deployment of 3D polymer printing technology is slated to be completed by first-quarter 2021. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201021005571/en/ Eaton’s Vehicle Group reduced cost and development time using its 3D metal printing capabilities to produce this oil fill nozzle. (Photo: Business Wire) The 3D printers are being utilized to create high-quality fixtures, safety devices, automation grippers for assembly and handling, and maintenance components requiring replacement. Prototype development is following the same strategy to support faster product development trials and improve efficiency. Improving output and eff
Project Management Institute Launches Initial Products in Industry’s First Platform-Agnostic Suite of Resources to Accelerate Adoption of Citizen Development at Scale21.10.2020 15:00:00 CEST | Press release
Project Management Institute (PMI), the world’s leading association for the project management profession, today launched the industry’s first, platform-agnostic educational resources for organizations seeking to implement and scale Citizen Development (CD) practices. The first two products in a planned suite of offerings are available now: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201021005531/en/ The PMI Citizen Development Body of Knowledge (CDBOK™) is a centralized resource that will help individuals and enterprises understand best practices for implementing citizen development within an organization at scale. The foundational training course is an e-learning training program that provides an introduction to citizen development and outlines best practices in CD methodologies. Citizen development platforms use intuitive “low-code” and “no-code” tools, so that even non-technical, non-specialist employees can create ap