US-Israeli IOT and AI-driven machine health solution provider Augury announced Wednesday that it has secured $180 million following a new funding round, therefore creating yet another unicorn – a private firm whose post-funding valuation now exceeds $1 billion.
Four previous funding rounds supplied the company with more than $100 million, taking Augury’s total raised to some $286 million.
This series E round was led by Baker Hughes a global leader in energy technology which will take a seat on Augury’s board of directors and incorporate Augury’s solutions into its System 1 software and asset performance management (APM) solutions. The round includes participation from new investor SE Ventures, the corporate venture arm of Schneider Electric, and existing investors Insight Partners, Eclipse Ventures, Qumra Capital, Qualcomm Ventures LLC, the HSB Fund of Munich Re Ventures and Lerer Hippeau.
It follows last year’s Series D round, where the health solution provider raised $55 million in funding led by Qumra Capital.
Following this latest series, in addition to unused capital from a previous seed round, Augury will have access to more than $200 million to expand globally, create offerings for new industries such as energy, and continue to innovate in the company’s core manufacturing market.
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 predict and prevent industrial machine failures.
Augury’s client list includes manufacturing multinationals, such as Colgate-Palmolive, PepsiCo, Hershey’s, ICL and Roseburg. According to the company, it’s solutions provide an ROI of three-to-ten times for its customers, justifying the initial outlay in a matter of months.
PepsiCo’s Director, Technology Venturing & Innovation, Anna Farberov said “Augury’s solution helps us monitor critical equipment and gather data on heat, vibration, magnetic fields and more. This data gives us actionable insights into the health of the machines, enabling us to mitigate any potential issues before they happen.”
Colgate-Palmolive saved 2.8 million tubes of toothpaste by avoiding a single machine failure. ICL saved $1 million dollars in downtime and production loss costs at a single facility in less than 10 months.
“We’ve spent the last decade building toward a future where we can always rely on the machines that matter, in the sectors that matter,“ said Saar Yoskovitz, co-founder and CEO of Augury. “Today marks a significant step into that future since our industry’s leading organizations have recognized the importance of Machine Health to them and their customers, and trust Augury to be their Machine Health partner. I’m thrilled by the opportunity this funding, coupled with the market access our new investors provide, gives us to further fuel Augury’s exponential growth and bring the impact of Machine Health to new markets.”
Augury more than tripled its revenue under contract, even during the height of the COVID-19 pandemic.