Augury, a contributor of Industrial AI solutions for Reliability and Process Optimisation, unveiled a series of actions aimed at accelerating innovation across its portfolio of offerings, while building on its deep relationships with manufacturers. Augury’s goal is to partner with those business leaders in even more ways, delivering a new generation of AI solutions that provide the accuracy and reliability manufacturers need to make AI a trusted partner in every phase of the manufacturing process.
New funding focused on innovation and scale
Augury has announced that it has raised $75 million, with the round being led by Lightrock with participation from several of Augury’s existing investors – Insight Partners, Eclipse, Qumra Capital as well as Schneider Electric Ventures and Qualcomm Ventures. The new round represents an increase in valuation for Augury, which maintains its position as the only ‘unicorn’ startup in the Production Health category. Since its last funding round in 2021, Augury has seen a five-fold increase in revenues, tripled customer base among Fortune 500 manufacturers, and expanded its product portfolio from asset performance and reliability to incorporate AI driven solutions for process optimisation.
“Augury has a long history of firsts, from the introduction of prescriptive AI-driven solutions that eliminate downtime and the first truly global-scale Industrial IoT deployments in our category to the introduction of AI solutions that encompass both machine and process health,” said Saar Yoskovitz, the co-founder and CEO of Augury. “With this new funding we will continue that track record, breaking new ground in the introduction of Agentic-AI capabilities that build on our expertise and that our customers can trust across their most critical assets and processes.”
“Augury is at the forefront of digitalising equipment maintenance with AI-driven solutions that enhance cost efficiency, sustainability performance and energy savings,” commented Ashish Puri, a partner at Lightrock. “Their predictive maintenance technology, boasting 99.9% failure detection accuracy and a 5-20x ROI when deployed at scale, significantly reduces downtime and energy consumption for its blue-chip clients globally, offering a compelling value proposition. The entire Lightrock team is delighted to support Saar and his talented team as they take Augury forward as the category-defining leader in its industry.”
New leadership depth to accelerate operational velocity and global scale
In addition to securing new funding, Augury has added Elan Greenberg as chief operating officer. Greenberg has helped scale businesses, such as Flock Safety and DoorDash, solving complex operating problems with an emphasis on customer satisfaction. He began his career in the M&A group at Morgan Stanley and in the United States Marine Corps. “I’m delighted to join the team at Augury, a category leader known globally for its commitment to service and innovation,” said Elan Greenberg. “Alongside our partners, we’ll continue to empower humans and machines to push the boundaries of what’s possible and make the things we love.”
Augury drives rapid industrial AI adoption and strong return on investment (ROI) for global leaders like PepsiCo, DuPont and Colgate-Palmolive. Since its last funding round Augury has tripled its number of $1 million-plus accounts, and has achieved over 500 million hours of machine data analysed by its platform and an estimated $1 billion of value generated for customers utilising its machine and process health solutions in over 40 countries. Augury’s solutions drive sustainability gains, including reduction of up to 37% process waste and 2% energy efficiency gain per manufacturing plant. It has also been estimated that by 2040, Augury’s solutions will cut emissions by ~12%, resulting in 3 MMt of CO2 reduced annually across the world.
“We are proud of our position as a leader in Industrial AI,” said Yoskovitz. “But we see our accomplishments to-date as simply the preparation for the opportunity we have ahead of us. We are excited to partner with the world’s leading manufacturers to usher in a new generation of AI and push the boundaries of human productivity.”
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