In the evolving landscape of industrial robotics, companies such as Nvidia and SoftBank are prioritizing research and development efforts. In a related development, Augury, a startup specializing in AI-driven hardware designed to monitor industrial machinery through vibrations, sound, and temperature, has secured $72.5 million in funding. This financial boost aims to expand its customer base and further develop its technology.
To date, Augury has accumulated over half a billion hours of machine operation data, spanning various equipment manufacturers and industries. CEO and founder Saar Yoskovitz highlights that the company possesses the largest dataset of mechanical signals, referring to it as “the malfunction dictionary.”
Yoskovitz elaborated that their extensive data allows them to predict issues without building specific models for each machine. For instance, they’ve encountered over 20,000 pumps, making individualized models unnecessary.
This funding marks the initial stage of a Series F round, which is expected to total approximately $100 million in the coming months. Although Yoskovitz did not disclose the company’s exact valuation, he confirmed it is an upround, surpassing $1 billion.
The latest investment round is led by Lightrock, with participation from previous investors such as Insight Venture Partners, Eclipse Ventures, Munich Re Venture Capital, Qualcomm Ventures, Lerer Hippeau Ventures, and Qumra Capital. Augury, originally founded in Haifa and now also based in New York, raised $55 million in a previous round in 2020.
Augury’s growth surge follows a prior funding round in 2021, with revenues multiplying fivefold. Its clientele includes major manufacturers like PepsiCo, Nestle, and Dupont, along with a partnership with Baker Hughes, a strategic investor and significant service provider to the energy sector.
Yoskovitz highlighted how the COVID-19 pandemic brought global attention to supply chains, underscoring the slow pace of digital transformation at the industrial level. Augury’s sensors are designed to monitor machines, utilizing data to train algorithms that identify malfunctions and potential issues.
These insights assist operators in repairing machinery, with the potential to inform robotic maintenance systems in future factory settings. Currently, around 80% of Augury’s deployments occur in legacy environments, while 20% are in newer factories, often lacking robotics.
Yoskovitz, addressing the perspective that AI might replace human jobs, pointed out a different industry challenge—a talent shortage. He noted an aging workforce set to retire soon, and a younger generation hesitant to enter manufacturing. Augury offers a solution by “digitizing knowledge” to aid factories and employees in equipment maintenance.
Lightrock, leading the investment round, emphasizes sustainability in its investments. Partner Ashish Puri highlighted the importance of extending machinery lifespan, aligning with a “sustainable capitalism” approach that combines productivity with green practices. This alignment with sustainable goals is one reason behind Lightrock’s investment in Augury.
