Venture Capital News: Augury Pulls In $25M
NEW YORK, NY, Augury, a leading AI-based machine health solution provider, today announced the close of its Series C funding round of $25M.
The round was led by Insight Venture Partners, with support from existing investors Eclipse Ventures, Munich Re/HSB Ventures, Pritzker Group Venture Capital, and Lerer Hippeau. Augury helps drive digital transformation for industrial and commercial organizations by providing machine health and performance visibility to improve productivity and increase uptime. With this new funding, Augury will expand its global operation and enhance its industrial analytics capabilities.
"As the market continues to evolve rapidly on its journey to digital transformation, more enterprises seek to uncover blind spots in their operations with AI-based machine health solutions," said Saar Yoskovitz, Co-Founder and CEO, Augury. "Over the course of the last year, we have made substantial gains in the market and look forward to deepening our partnerships in the year ahead. With this funding, we will continue to innovate and support our partners on a global scale."
News of the financing round comes in tandem with the company's completed acquisition of Alluvium - a startup whose computing platform provides simple, real-time machine insights to support safe, stable, and efficient industrial operations. Through Alluvium, Augury becomes the first industrial analytics company to provide both mechanical and operational insights on a unified platform to provide a holistic view of an operation. Not only does this acquisition enhance Augury's analytics capabilities, but also incorporates Alluvium's team to Augury to further drive innovation.
"We are thrilled to be joining the Augury team and combining our best-in-class machine learning capabilities together with Augury's to provide a single platform that delivers both mechanical and operational insights," said Drew Conway, Co-Founder and CEO of Alluvium. "This powerful combination will provide unprecedented transparency into the health of an operation and solidify Augury's lead in the market."
"We have seen a major uptick in digitization trends throughout the industry and Augury's significant growth over the past year exemplifies this shift in embracing AI technologies to optimize supply chain operations," said Peter Sobiloff, Managing Director, Insight Venture Partners. "We look forward to working with Saar and his team to bring this industry-changing technology to more customers and industries in 2019."
In addition to leading the funding, Sobiloff will also join Augury's Board of Directors helping to foster technological change in existing markets in order to produce greater productivity and deliver incremental value to Augury's customers. Harley Miller, Principal at Insight, also co-led the deal and will be joining as an observer to Augury's Board of Directors.
To date, Augury has received more than $51M in funding with contributions from Eclipse Ventures, Munich Re/HSB Ventures, Pritzker Group Venture Capital, Sound Ventures, First Round Capital and Lerer Hippeau. The company holds OEM relationships with Grundfos and PSG Dover, as well as dozens of industry-leading customers from Commercial & Industrial and manufacturing in the Fortune 500 spanning the CPG, Food & Beverage, and Pharma Manufacturing industries. As Augury expands its existing customer base, it is actively looking for new talent to join its growing team.
To learn more, please visit www.augury.com.
Augury is making machines more reliable by combining two key shifts in the industry: artificial intelligence and the Internet of Things. The intersection of these trends allows Augury to provide industry leaders with full visibility and control of the health and performance of their machines, thereby greatly accelerating productivity, safety, and positive environmental impact. Visit www.augury.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
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