In today's world, where industrial automation and smart manufacturing are increasingly valued, the startup Augury has announced the successful financing of $75 million, achieving a valuation of over $1 billion. This funding will be used to attract new customers and further develop its core technology. Augury focuses on utilizing artificial intelligence to monitor machine operating conditions by measuring various factors such as vibration, sound, and temperature to timely identify equipment failures and maintenance needs.
Since its establishment, Augury has monitored over 500 million hours of machine operations, covering various equipment manufacturers and processing techniques. Its founder and CEO, Saar Yoskovitz, stated in an interview: “We have the largest dataset to date that accurately describes machine failures.” He vividly referred to this dataset as a “failure dictionary” and mentioned that when dealing with equipment like pumps in factories, they no longer need to create new models for each machine, as they have already accumulated operational data from over 20,000 pumps.
This financing is the first part of Augury's Series F round, with a total expected funding of $100 million, planned to be completed in the coming months. The lead investor is Lightrock, with participation from existing investors including Insight Venture Partners, Eclipse, Qualcomm Ventures, SE Ventures, and Qumra Capital. Since 2021, Augury's revenue has grown fivefold, with clients including major manufacturing companies such as PepsiCo, Nestlé, and DuPont. Additionally, through collaboration with Baker Hughes, it has entered the oil and energy sector.
Yoskovitz noted that the COVID-19 pandemic has posed greater challenges to global supply chains. While discussions about digital transformation in the IT sector are lively, this transformation process in the industrial sector has been relatively slow, as many expensive machines are still in long-term use and often take decades to be replaced. Augury's sensors can be installed inside or beside machines to monitor their operation in real time, using the collected data to train algorithms to timely identify machine failures and their possible causes.
Although Augury's technology may raise concerns about job losses, Yoskovitz emphasized that the talent shortage in the industrial sector is more severe, as many experienced technicians are nearing retirement and the new generation of talent has not been able to fill the gap quickly. Augury aims to help factories and workers better maintain equipment through “knowledge digitization.”
Lightrock, as the main investor in this financing, focuses on sustainable development investments. Its partner, Ashish Puri, stated that Augury successfully combines production efficiency with environmental protection concepts, helping manufacturers better utilize equipment and extend its lifespan, which not only improves production efficiency but also aligns with sustainable development goals.
Key Highlights:
🚀 Augury successfully raised $75 million, with a valuation exceeding $1 billion, focusing on smart equipment maintenance technology.
🔍 The company has monitored over 500 million hours of equipment operating data, capable of timely identifying failures.
🌍 Investor Lightrock emphasizes sustainability, believing that Augury provides effective solutions for achieving green production.
