Augury Secures $75M Funding at $1B+ Valuation - AI for Predictive Maintenance

AI-Powered Predictive Maintenance Startup, Augury, Secures $75 Million

As major corporations such as Nvidia and SoftBank prioritize industrial robotics for future research and development, Augury, a startup focused on AI applications within manufacturing facilities, has announced a new round of funding.

Augury develops AI-driven hardware solutions designed to pinpoint machine repair needs and diagnose the underlying issues. The company has successfully raised $75 million in funding to expand its customer base and further refine its technology.

Extensive Data Collection and Analysis

The company’s system analyzes vibrations, acoustic emissions, temperature readings, and other critical parameters. To date, Augury has monitored over half a billion hours of machine operation across diverse equipment types and manufacturers.

CEO and founder Saar Yoskovitz emphasizes the scale of their data collection, referring to it as “the malfunction dictionary.” This extensive dataset allows for accurate predictions and diagnoses.

“We’ve accumulated data from over 20,000 pumps, meaning we often don’t need to create a new model for each specific machine encountered in a factory,” Yoskovitz explained.

Series F Funding and Valuation

This investment represents the initial portion of a Series F funding round, projected to reach approximately $100 million upon completion in the coming months.

While the company’s precise valuation remains undisclosed, Yoskovitz confirmed it represents an increase over previous valuations, exceeding $1 billion.

Investment Details and Key Investors

Lightrock is leading this funding round, with participation from existing investors including Insight Venture Partners, Eclipse, Qualcomm Ventures, SE Ventures, and Qumra Capital, who previously led a $55 million round in 2020.

Significant Revenue Growth and Key Clients

This funding follows a period of substantial growth for Augury, with revenue increasing fivefold since its last funding round in 2021.

Augury’s client roster now includes prominent manufacturers like PepsiCo, Nestlé, and Dupont, alongside collaborations with gas and energy companies through a strategic partnership with Baker Hughes.

The Impact of Supply Chain Disruptions

Yoskovitz notes that the COVID-19 pandemic highlighted vulnerabilities in global supply chains.

While IT departments focused on “digital transformation,” industrial settings faced a slower adoption rate due to the longevity of existing equipment and the cost of replacement.

How Augury’s Technology Works

Augury’s sensors are strategically placed to monitor machine performance, collecting data used to train algorithms that identify anomalies and potential failures.

These algorithms then guide factory personnel in performing necessary repairs. This data-driven approach can potentially extend into future factories, supporting both human and robotic workforces.

Deployment Environments: Legacy vs. Modern Factories

Currently, approximately 80% of Augury’s deployments are in established, “brownfield” environments, while the remaining 20% are in newer, “greenfield” facilities.

Addressing the Skilled Labor Shortage

Yoskovitz argues that Augury’s technology addresses a critical industry challenge: a shortage of skilled maintenance personnel.

An aging workforce is nearing retirement, and there is a lack of interest in manufacturing careers among younger generations.

Augury’s solution aims to “digitize the knowledge” of experienced technicians, ensuring that expertise is preserved and accessible.

Sustainability and Investment Focus

Lightrock, the lead investor, prioritizes sustainability investments, recognizing a shift in the field.

The focus is moving away from purely altruistic sustainability goals towards businesses that combine environmental responsibility with strong financial performance.

Sustainable Capitalism and Long-Term Equipment Use

Ashish Puri, a partner at Lightrock, describes their investment philosophy as “sustainable capitalism.”

He emphasizes that extending the lifespan of existing factory equipment—through technologies like Augury’s—is inherently a sustainable practice, reducing the need for frequent replacements and minimizing environmental impact.

“Machines installed in factories often operate for 20 to 40 years, representing a significant capital expenditure. Manufacturers are hesitant to replace functioning equipment, even if it requires occasional repairs,” Puri stated.

Updated with details regarding returning investors and the total funding amount.