Predictive maintenance startup Augury raises another $180M and buys AI software company, hitting $1B valuation

Augury’s AI-based predictive analysis software continuously monitors manufacturing equipment to detect any irregularities. <br><br>“Augury’s AI has the ability to identify mechanical failures before they occur, and to predict faults or issues that may cause a factory line to halt production at any moment,” CEO Saar Yoskovitz told TechCrunch. <br><br>The startup claims that its equipment monitoring software reduces waste, lowers supply chain volatility and reduces carbon emissions. <br><br>The company’s analytics platform also contains data from previous hardware malfunctions.<br><br>To further grow its business, Augury recently acquired Digital Diagnostics Inc. (Drexel), the artificial intelligence company behind the software tool Drexel. This tool helps medical professionals detect diabetic retinopathy and diabetic macular edema, which can lead to sight loss. <br><br>“Augury’s AI has the ability to identify mechanical failures before they occur, and to predict faults or issues that may cause a factory line to halt production at any moment,” CEO Saar Yoskovitz told TechCrunch. <br><br>The startup claims that its equipment monitoring software reduces waste, lowers supply chain volatility and reduces carbon emissions. <br><br>The company’s analytics platform also contains data from previous hardware malfunctions.<br><br>To further grow its business, Augury recently acquired Digital Diagnostics Inc. (Drexel), the artificial intelligence company behind the software tool Drexel. This tool helps medical professionals detect diabetic retinopathy and diabetic macular edema, which can lead to sight loss. <br><br>“We are merging the AI and technologists with our own team and the merger will allow us to move faster, and to build better AI. With this acquisition, we can also leverage their AI and expertise with industrial or mechanical data, rather than using it for medical diagnostics,” added Yoskovitz. <br><br>Augury's AI algorithms analyze data from sensors and images to detect and diagnose conditions. The company will integrate Drexel's AI technology focusing on medical diagnostics into its own platform for analyzing industrial equipment.<br><br>The merger is expected to help the company become a leading machine monitoring technology, integrating various AI models and services into its platform.<br><br>Founded in 2011, Augury is headquartered in Haifa, Israel. The company works with some of the biggest food, pharmaceutical, and consumer packaged goods brands in the world, including dozens of Fortune 500 brands. <br><br>Augury said it will use the funding to accelerate its digital transformation strategy.<br><br>"Our data and AI capabilities allow companies to predict and address supply chain risk, reduce waste and emissions, and drive greater productivity and efficiency," said Yoskovitz. <br><br>Yoskovitz described the new funding as a growth equity financing. The company's post-money valuation stands at $1.02 billion following the funding. <br><br>Augury also reached profitability in 2022 and has continued to maintain it through this year, according to Yoskovitz. <br><br>The company has raised $353.2 million total to date.