AI-powered Machine Health solutions provider Augury secured $55 Million funding

Augury, a New York-based Artificial Intelligence-based Machine Health solution provider, has now secured $55 million in a Series D funding round.

Augury is founded by the Saar Yoskovitz in the year 2011. It provides an AI platform that gives customers the insights into the performance and health of machines they use to make products, deliver service, and improve lines.

Augury client base includes the Essity, ICL, Colgate-Palmolive, and Hershey’s.

Saar Yoskovitz, co-founder and CEO of Augury, said, "We’ve seen significant and accelerating growth in our business, both before and during the global health crisis. We also continue to build a powerful ecosystem for Machine Health to deliver new forms of value for customers. Our partner and alliance network includes OEMs and services providers such as Grundfos, Carrier and Trane, insurance partner Munich Re, and innovative new partners such as DSV, which will leverage its global logistics network to enable replacement parts as a service, informed by Augury’s insights into potential machine failures."

Sivan Shamri Dahan, managing Partner at Qumra Capital, said, "Covid-19 crisis has revealed critical failures in the global supply chain. The shortage in basic products due to the increased demand, coupled with the inability of manufacturers to meet supply requirements, demonstrated an urgent need to digitally transform the manufacturing world. Augury, which plays a significant role in this digital revolution, is experiencing tremendous growth. Its track record of expansion and execution, positions it to be a world leader in the large IIoT market. We are happy to support Augury and join it on its exciting journey."

The round was backed by the Qumra Capital, with participation from Insight Venture Partners, Qualcomm Ventures, Munich Re Venture Capital, Eclipse Ventures, and Lerer Hippeau Ventures.

The company has now secured a total of $106 million from its funding round to date. Augury has plans to use the new funds to expand geographic delivery for the customers. The company also intends to expand its engineering and development team in Israel. Also, the company's sales and services teams around the globe will be also expanded, notes the announcement.