Israeli Mechanical Diagnostics Firm Augury Raises $25M, Buys Computing Platform Alluvium
Israeli AI-based machine health solution provider Augury announced the closing of a $25 million Series C financing round, led by Insight Venture Partners with support from existing investors Eclipse Ventures, Munich Re/HSB Ventures, Pritzker Group Venture Capital, and Lerer Hippeau, as well as the acquisition of New York-based computing platform Alluvium.
Augury provides mechanical diagnostics, combining artificial intelligence and IoT technology to help industrial companies monitor and maintain their machinery in real-time.
The latest funding will be used to expand its global operation and enhance its industrial analytics capabilities, the company said in a press release. As part of the investment, Peter Sobiloff, managing director of Insight Venture Partners, will join Augury’s Board of Directors, while Harley Miller, principal at Insight, will be joining as an observer.
“As the market continues to evolve rapidly on its journey to digital transformation, more enterprises seek to uncover blind spots in their operations with AI-based machine health solutions,” says Saar Yoskovitz, CEO and Co-Founder of Augury. “Over the course of the last year, we have made substantial gains in the market and look forward to deepening our partnerships in the year ahead. With this funding, we will continue to innovate and support our partners on a global scale.”
Meanwhile, the acquisition of Alluvium, a startup that provides simple, real-time machine insights to support safe industrial operations, aims to turn Augury into the first industrial analytics company to provide both mechanical and operational insights on a unified platform, the company says.
“We are thrilled to be joining the Augury team and combining our best-in-class machine learning capabilities together with Augury’s to provide a single platform that delivers both mechanical and operational insights,” said Drew Conway, co-founder and CEO of Alluvium. “This powerful combination will provide unprecedented transparency into the health of an operation and solidify Augury’s lead in the market.”
Founded in 2011 by Gal Shaul and Saar Yoskovitz, Augury has raised more than $51 million in funding to date.