Augury, a NYC- and Haifa, Israel-based IOT and AI-driven Machine Health solution provider, secured $180m in funding bringing post-funding valuation to over $1 billion.
The round was led by Baker Hughes, which will take a seat on Augury’s board of directors, with 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.
The company, which has raised a total of $286m to date, intends to use the funds to expand globally, create offerings for new industries such as energy, and continue to innovate in the core manufacturing market.
Led by Saar Yoskovitz, co-founder and CEO, Augury is a Machine Health company which uses the Internet of Things and Artificial Intelligence to predict and prevent industrial machine failures and improve machine performance. This allows manufacturers to reduce downtime, increase production capacity and productivity, optimize the cost of industrial asset care and accelerate their digital transformation.
Customers include Colgate-Palmolive, PepsiCo, Hershey’s, ICL and Roseburg.