Augury: Gain Insights Into Production Health With AI Solutions

Augury: Gain Insights Into Production Health With AI Solutions
Augury Success Story

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Augury.

Machine health is critical to reducing maintenance costs and unplanned downtime, improving overall equipment effectiveness, and increasing productivity. However, even though every industrial company spends time, resources, and money to maintain their machines, machine health is still a blind spot.

Unexpected machine failures continue to occur, hampering product processes and efficiency. According to Senseye's study, large facilities lose an average of 27 hours per month due to equipment failure at the hourly cost of $532,000 for unplanned downtime.

Many companies are applying technology designed to assess industrial machine health and predict equipment failures to prevent such losses. These facilities are turning to Augury, a New York-based AI-driven production health solutions pioneer. This article complies with everything about Augury, including its startup story, founders, mission, funding, partners, and more.

Augury – Company Highlights

Company Name Augury
Headquarters New York City, New York, United States
Sector Artificial Intelligence
Founders Gal Shaul and Saar Yokovitz
Founded In 2011
Valuation $1B (2022)
Website Augury.com

Augury – About
Augury – Founders and Team
Augury – Startup Story
Augury – Logo and Tagline
Augury – Mission and Vision
Augury – Business Model
Augury – Products and Services
Augury – Challenges Faced
Augury – Funding and Investors
Augury – Mergers and Acquisitions
Augury – Growth
Augury – Partners
Augury – Awards and Achievements
Augury – Competitors
Augury – Future Plan

Augury – About

Augury is a technology company that offers artificial intelligence software solutions to provide manufacturers and other industry sectors with valuable insights into machines, processes, and operations health.

Augury serves several renowned customers, including PepsiCo, DuPont, Colgate, Nestle, Roseburg, ICL, Barilla, and Lindt. Moreover, the organization has diagnosed 100k+ machines with 99.9% accurate diagnosis, leading its global customers to achieve 3-10x ROI in a few months.

Augury – Founders and Team

Gal Shaul and Saar Yokovitz are the co-founders of Augury.

Gal Shaul

Gal Shaul graduated from Technion – Israel Institute of Technology with a B.Sc, Computer Science degree. He has been a Software Engineer at Zoran and Endymed Medical. Gal Co-founded Augury and worked as the company's CTO till July 2022. Now he is the CPTO in Augury.

Gal Shaul - Co-founder, Augury
Gal Shaul - Co-founder, Augury

Saar Yokovitz

Saar Yokovitz attended Technion – Israel Institute of Technology to complete B.Sc in Electrical Engineering, Physics. He is the ex-Founder of the Select – Students for Technological Advancement project.

Saar Yokovitz -Co-founder and CEO, Augury
Saar Yokovitz -Co-founder and CEO, Augury

Saar worked as Logic Designer and Analog Architect at Intel from 2006 to 2010. Presently, he is the co-founder and CEO at Augury.

Augury is acquainted with more than 400 employees.

Augury – Startup Story

Augury was founded in 2011 by University friends Gal Shaul and Saar Yokovitz in Israel. 'How much time and money could be saved by preventing unexpected machines failure?' Gal and Saar pondered the question after serving in the Israeli army, where machines surrounded them throughout their service. They both thought if it's possible to detect words, why can't one detect malfunctions in the machines?

Therefore, they both decided to listen to machines and founded Augury with the idea of helping companies solve problems with machines, enabling them to create better products. The company launched its first Beta program, 'Auguscope' (smartphone-connected machine health product), in 2014 in the US. Later in mid-2017, it introduced 'Halo.' It was in 2021 that Augury became a Unicorn.


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Augury – Logo and Tagline

Augury's tagline is no longer about "Machine Talk, We Listen." Instead, the new tagline "Predicting a Better Future," is a part of the company's new mission, vision, and branding.

Augury - Logo and Tagline
Augury - Logo and Tagline

Augury – Mission and Vision

Augury's mission is to transform how people work and what they create by providing them with insights into production health. It envisions creating a world where the combined work of people and machines leads to a better life.

Augury – Business Model

Augury develops hardware and software solutions to troubleshoot machines with sensors. In addition, its machine health AI platform predicts failures and specifies the time and methods to correct those possible failures.

Wireless sensors connected to machines record readings from equipment's parts and transfer mechanical data to the cloud. The proprietary cloud-based AI analyzes the same data and delivers prescriptive insights to the organization's machine maintenance or reliability department.

Augury's business model help manufacturing and service companies reduce production downtime, reduce waste and emissions, improve process efficiency, maximize yield, and reduce machine maintenance costs.

Augury – Products and Services

Augury offers two primary solutions, i.e., Machine Health and Process Health. The solutions for Machine Health further comprise Critical Equipment, Supporting Equipment, Auguscope, and Guaranteed Diagnostics.

Augury – Challenges Faced

Augury found it challenging to continue sales during Covid-19 and, thus, was forced to focus on its business health to ensure survival. It was crucial for the company to get on-site to install its sensors and provide machine health diagnostics to the clients. And without these sensors in place, Augury couldn't provide solutions and, thus, generate revenue.

Augury – Funding and Investors

In 7 funding rounds, Augury has been successful in raising a total of $294 million. Series E Round is the company's latest funding round. The same was conducted on October 26, 2021, and raised $180 million. Augury has 16 investors, including Munich Re Ventures, Baker Hughes, Qumra Capital, Insight Partners, Eclipse Ventures, and Lerer Hippeau.

Date Round Number of Investors Money Raised Lead Investor
October 26, 2021 Series E 8 $180 million Baker Hughes
October 14, 2020 Series D 6 $55 million Qumra Capital
December 12, 2019 Series C 1 $8 million Qualcomm Ventures
January 31, 2019 Series C 5 $25 million Insight Partners
June 19, 2017 Series B 5 $17 million Eclipse Ventures, Munich Re Ventures
August 26, 2015 Series A 5 $7 million Eclipse Ventures, Munich Re Ventures
October 6, 2014 Seed Round 5 $2 million -

Augury – Mergers and Acquisitions

Augury acquired 2 companies; the recent one was Seebo on May 10, 2022. It acquired Alluvium on January 31, 2019.

Meet Augury | Predictive Analytics for Manufacturers

Augury – Growth

Augury's team doubled and revenue grew 150% as it made its 100-millionth machine recording. In 2022, the company's annual revenue was around $74.9 million ($186,668 revenue per employee). It was valued at $1 billion in the same year. Furthermore, with 18,168 visits, Augury's monthly web visits growth rate is -50.77%.

Augury – Partners

Augury has a wide network of partners and alliances. Some of its Industrial OEM, Technology, Strategy, and Systems Integration, Service and Facility Management, Global Delivery, and Ecosystem Extension partners are:

Augury – Awards and Achievements

Augury is recognized by Forbes, World Economic Forum, Gartner, BuiltIn, The Atlast Award, and more. It's honored with multiple awards and achievements:

  • 'Best Practices Product Leadership Award' by Frost & Sullivan in 2021.
  • Saar Yoskovitz was announced as the finalist of The 2022 Entrepreneur of the Year Award.

Augury – Competitors

Here listed are some main competitors of Augury:

  • Datadog
  • Limble CMMS
  • Particle
  • eMaint CMMS
  • Fracttal One
  • Fiix
  • Portainer

Augury – Future Plan

Augury developed 'Powerdays,' a new strategy to empower its team for the years ahead. The company plans to work on a particular theme, i.e., 'Imagine a Better Future' for 2023.

FAQs

What does Augury do?

Augury is a technology company that offers artificial intelligence software solutions to provide manufacturers and other industry sectors with valuable insights into machines, processes, and operations health.

Who are the founders of Augury?

Gal Shaul and Saar Yokovitz co-founded Augury in 2011.

Who are the main competitors of Augury?

Here listed are some main competitors of Augury:

  • Datadog
  • Limble CMMS
  • Particle
  • eMaint CMMS
  • Fracttal One
  • Fiix
  • Portainer

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