Augury secures $75M at over $1B valuation to scale industrial AI
The new funding will fuel Augury's expansion as it enhances its AI-driven solutions for machine health, helping global manufacturers reduce downtime and improve operational efficiency.
Augury, a developer of industrial AI solutions for reliability and process optimization, has raised $75 million in a Series F round at a valuation exceeding $1 billion. The company did not disclose the exact valuation, but according to CEO Saar Yoskovitz, the current round's valuation surpasses that of its previous funding round in 2021. Augury has developed a system that integrates software and hardware to monitor the health of machines and processes in various manufacturing plants. With this latest investment, the company’s total funding now stands at $361 million.
In addition, Elan Greenberg has been appointed as Chief Operating Officer (COO). Greenberg brings extensive experience from similar roles at companies such as DoorDash and Flock Safety.
The Series F round was led by Lightrock, a global investment fund managing over $5.5 billion in capital and focused on sustainable innovation. Several of Augury’s existing investors also participated, including Insight Partners, Eclipse Ventures, and Qumra Capital, as well as Schneider Electric Ventures and Qualcomm Ventures.
Since its last funding round in 2021, Augury has reported a fivefold increase in revenue, tripled its number of Fortune 500 customers, and expanded its portfolio of AI-driven solutions to optimize manufacturing processes.
Speaking to Calcalist, Yoskovitz explained, “Our last round was in 2021. Like many companies in 2022, we focused on reaching profitability while continuing to grow. We still had capital left, so raising additional funds wasn’t urgent. However, AI has become a major focus in our market, and with a shift in economic momentum in the U.S., companies are increasingly adopting AI and advanced technologies. We engaged with investors to assess whether this was the right time to accelerate growth, and within two months, we received three offers. We chose the right partner to scale faster while continuing to invest in innovation.”
He added, “There was an increase in valuation from the previous round, which is significant in today's market. Our technology, once categorized as machine learning, is now recognized as AI. We use sensors to interpret machine signals with advanced software, a capability further strengthened by our recent acquisition. Previously, our system could detect problems and pinpoint their location. Now, it can also recommend how to fix them. Soon, AI agents will assist with repairs, provide step-by-step instructions, and even automate problem resolution. In the coming year, we expect to reach $100 million in annual recurring revenue (ARR). An IPO is on the horizon, but we will proceed when both the company and the market are ready. This funding brings us to profitability, and while we don’t plan to use all of it, it will support our rapid growth.”
Founded in 2011 by Yoskovitz and CTO Gal Shaul, Augury employs over 300 people worldwide, with offices in New York, Haifa, and Tel Aviv.
The industrial sector is undergoing a digital transformation known as Industry 4.0, with Machine Health at its core. This field leverages the Internet of Things (IoT) and artificial intelligence (AI) to predict and prevent equipment failures, enhancing machine performance. By minimizing downtime, increasing production capacity, reducing maintenance costs, and driving digital transformation, Machine Health is becoming a crucial component of modern manufacturing.
Augury’s customers include some of the world’s largest manufacturers, such as Colgate-Palmolive, PepsiCo, Nestlé, and DuPont. In Israel, it works with leading corporations, including ICL, Osem-Nestlé, and Bazan.
