Augury is now a unicorn
Machine health platform Augury, which is backed by Munich Re Ventures, is now valued at over $1 billion. The startup has secured a $180M Series E round led by energy technology company Baker Hughes, 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.
Founded in 2011, Augury’s machine health solutions combine sensors, AI, and collaboration tools to help teams understand when machines are at risk. Its customers include some of the world’s top manufacturers, including Colgate-Palmolive, PepsiCo, Hershey’s, ICL and Roseburg, and the company says that their solutions deliver an ROI of 3x-10x for customers, with programs paying for themselves within months.
“We’ve spent the last decade building towards a future where we can always rely on the machines that matter, in the sectors that matter. 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.” – Saar Yoskovitz, co-founder and CEO of Augury.
“Schneider Electric is committed to leading the industrial digital transformation and our investment in Augury is another step in that direction. AI-enabled predictive asset maintenance is a key pillar of resilient and sustainable supply chains, and Augury’s proven solution combined with our unique expertise and global reach will be an important agent for industrial digital transformation.” – Barbara Frei, EVP of Industrial Automation at Schneider Electric.
“Frost & Sullivan believes Machine Health is not just about asset performance, but is also a bridge between assets and operations, as evidenced by the use cases Augury is currently driving for its customers,” said Sankara Narayanan, Senior Industry Analyst from Frost & Sullivan. “We are especially impressed as Augury’s Machine Health-as-a-Service is becoming foundational to Industry 4.0, and are excited to see this funding help Augury bring its offerings to more industries in the coming years.”
PepsiCo is always looking for ways to leverage breakthrough technology that can help us get even smarter and more efficient in manufacturing. 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.” – Anna Farberov, director, Technology Venturing & Innovation.