US-Israeli AI-driven mechanical diagnostics firm Augury announced its latest solution Machine Health for Supporting Equipment (MH SE), which covers the majority of rotating assets, reducing downtime and increasing capacity.
Machine Health uses IOT and AI to predict and prevent machine failures, and improve machine performance. The new solution joins Augury’s existing Machine Health for Critical Assets solution (MH CR), which leverages Augury’s diagnostic capabilities and expertise to diagnose malfunctions in the most complex and critical rotating equipment, where unexpected failures can lead to production outages and have significant business impact.
A company statement said that supporting equipment makes up more than 60 percent of an average manufacturer’s rotating asset fleet. While the failure of supporting equipment does not necessarily cause catastrophic unplanned downtime, most manufacturers still have machines on a fixed preventative maintenance schedule, which consumes a major portion of a plant’s maintenance and reliability budget.
MH SE improves maintenance planning and reduces maintenance and reliability costs by eliminating unnecessary maintenance tasks and cutting spare parts inventory. For manufacturers dealing with severe worker shortages, particularly of skilled maintenance technicians, MH SE guides teams toward the equipment most in need of maintenance, as well as telling them what to fix and how to fix it, helping overstretched maintenance teams to do more with less.
“The expansion of our Machine Health solutions enables manufacturers to quickly transition from reactive and preventative maintenance to predictive and prescriptive maintenance for the majority of their assets,” said Saar Yoskovitz, co-founder and CEO of Augury. “By providing insight into supporting equipment, our Machine Health solutions also accelerate the digital transformation of manufacturing, improving not just asset management but the entire production operation.”
Augury’s customers include some of the world’s top manufacturers. Several Augury customers, including Colgate-Palmolive, Hershey and Nestle Osem, are already running pilot programs with MH SE. The solution will be available to all customers by Q2, 2022.
Following its most recent funding round, the company secured an additional $180 million, bringing the full amount that it has raised to some $286 million, and taking Augury’s valuation into unicorn – more than $1 billion – status.