Machine health pioneer Augury has recently announced a further $180 million in funding, taking the company’s post-funding valuation to over $1 billion. We spoke to CEO & co-founder Saar Yoskovitz midway through 2021. Now, we chat with Saar again to discuss how the funding will help the business to further develop its leading IOT and AI-driven predictive maintenance solution.
What does this funding mean for Augury and the industry in general?
This funding round and our new partnerships confirm Machine Health as Industry 4.0’s killer app. Augury’s mission is to build a world where people can always rely on the machines that matter, by providing customers with superior insights into the health and performance of the machines they use to make products, deliver services and improve lives.
The new funding will allow Augury to sure that people can rely on more of the machines that matter in more of the sectors that matter by creating offerings for new industries such as energy,while continuing to innovate in Augury’s core manufacturing market to help customers to improve the reliability, resiliency and efficiency of their machines and operations.
With the acceleration towards Industry 4.0 underway, we expect to see the uptake in AI and IoT-enabled solutions increase.
What challenges will the funding help you solve?
As the challenges with supply chain disruptions continue, manufacturers across the globe are recognising the benefits of Machine Health as a key tool for their business. The Augury machine health solution helps factories and manufacturing plants to run more efficiently, increase production capacity and avoid downtime – helping to combat some of the issues causing delays and shortages.
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What have you learnt?
The past two years have been really hard for everyone. They were especially hard for the people that worked day and night to make the products we all needed, from masks and cleaning products to painkillers and vaccines. Helping our customers to meet soaring demand with a fraction of their staff was one of the great privileges of our lives. For us, manufacturing workers are the unsung heroes of the pandemic.
We are excited to continue working alongside those essential workers and key manufacturers, to bring new innovations to the industry that will accelerate efficiency and reliability in the sector.
Where do you see the future of the industry going?
Augury’s new investment and $1 billion valuation is a clear validation of the emerging Machine Health category, of which Augury is the pioneer and leader. Our business went into overdrive in 2021 – revenue grew 150% and our team doubled as we made our 100-millionth machine recording. We saved one customer a million pounds of snacks and another 2.8 million tubes of toothpaste.
We expect to see this growth of predictive maintenance, analytics, and the use of AI continue to increase in the manufacturing space, as businesses look to implement digital transformation projects.