Unicorn Augury cuts 18% of workforce in second round of layoffs
Unicorn Augury cuts 18% of workforce in second round of layoffs
The Israeli startup is laying off 70 employees after parting ways with 20 staff members at the start of the year
Mechanical diagnostics platform provider Augury is laying off 70 employees, reducing its total headcount of 390 employees by 18%. The company employs 230 workers in Israel and 160 abroad and the layoffs will be split equally between Israel and the rest of the world. This marks the second round of layoffs for the company, after parting ways with 20 employees at the start of the year.
Augury acquired fellow Israeli company Seebo for around $100 million last May, adding all its 85 employees to the team. The company raised $180 million in a Series E round, at a valuation of over $1 billion, in October 2021.
"Augury is built on a solid infrastructure that was built over the last decade and in the last three years the company has grown from about 80 employees to about 400 and the revenues have increased 10 times,” the company wrote in a statement. “While examining the company's strategic plan, in the face of the weakening of the financial markets, and as a step of responsibility towards the company's success and its employees, we decided to make a number of structural and operative changes that also include a change in the workforce.
"This is a difficult day for us as we have to say goodbye to people we value and who have been our partners along the way. The company will provide each employee with a compensation package and will do everything in its power to help each of them find their place in the labor market. This step aims to streamline operations and strive for profitability during a challenging time in the markets, while supporting and promoting the significant solutions that Augury provides to its customers worldwide."
Augury, founded in 2011 by CEO Saar Yoskovitz and CTO Gal Shaul, has raised $286 million to date, with its investors including Baker Hughes, SE Ventures, Insight Partners, Eclipse Ventures, Qumra Capital, Qualcomm Ventures LLC, the HSB Fund of Munich Re Ventures, and Lerer Hippeau.
Augury’s machine health solutions help companies predict machine reliability and performance issues to eliminate downtime and increase production efficiencies.
