The Series E funding helps bring Augury to a $1B valuation. Here are the top-line bullets you need to know.
Augury, a machine health and predictive maintenance solutions provider, has raised $180M in a Series E. The round drew participation from Insight Partners, Eclipse Ventures, Baker Hughes, and Qualcomm Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Augury uses IoT and AI technologies to predict and prevent machine failure and improve machine performance as well.
- The company’s revenue has grown 150% in 2021 so far, and it also reached 100M machine recordings this year.
- Augury caters to several industrial and commercial customers, across food processing, paper products, bottling, forest products, chemicals, and pharmaceuticals. Its clients include PepsiCo, Colgate-Palmolive, Hershey’s, Osem, and Roseburg.
- The company claims to have doubled its team size to more than 250 people.
WHY DOES THE MARKET MATTER?
- The global predictive maintenance market is projected to grow at a CAGR of 25.2% and reach a value of $12.3B by 2025, according to Markets and Markets.
- The demand for solutions to address machine maintenance costs and downtime has risen amid pandemic-induced supply chain disruption.
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