Unicorn Augury laying off 5% of team
Unicorn Augury laying off 5% of team
The mechanical diagnostics platform provider, which raised $180 million in October 2021, is cutting 20 jobs
Mechanical diagnostics platform provider Augury is laying off 20 employees, reducing its total headcount by 5%. 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, founded in 2011 by CEO Saar Yoskovitz and CTO Gal Shaul, employed around 400 people in its R&D center in Haifa and its U.S. offices. The company 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.
“As part of our strategic plan for 2023, we decided out of responsibility to make some changes in some of the departments, as part of which 20 employees were called in for a hearing prior to dismissal,” Augury said in a statement. “We will, of course, make sure as a company that these employees will find a new place of work and we will help them as much as possible. We are facing a year in which we will double our revenue and will continue to recruit employees in accordance with our work plan and the needs of our clients.”
