Augury, a NYC-based AI-based Machine Health solution provider, secured $55m in Series D funding.
The round was led by Qumra Capital, with participation from existing key investors, including Insight Venture Partners, Eclipse Ventures, Munich Re Venture Capital, Qualcomm Ventures and Lerer Hippeau Ventures.
The company, which has now raised $106m since its initial funding six years ago, intends to use the funds to expand geographic delivery for customers and continue to expand its engineering and development teams in Israel as well as its services and sales teams around the globe.
Led by Saar Yoskovitz, co-founder and CEO, Augury provides an AI platform that gives customers the insights into the health and performance of the machines they use to make products, deliver services and improve lives.
The 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 reductions in planned and unplanned downtime, in spare parts inventories, and positive impact on productivity, margins and ability to meet customer demand even in the most challenging circumstances.
Customers include the world’s largest and most forward-thinking manufacturers such as Hershey’s, Colgate-Palmolive, Essity, Heineken and ICL.
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.