For nearly a decade my co-founder, Gal, and I have been on a mission to make machines more reliable. The notion that people around the world all rely on machines to live their lives, and we have the ability to make those machines more reliable, productive and reduce their environmental impact, has been core to building Augury and our products. While our mission remained constant throughout that time, the amount of change that the market underwent is staggering.
Seven years later, we are just as passionate and energized to continue pushing the market forward and innovating beyond the speed industrial manufacturers and original equipment manufacturers could have anticipated.
That’s why today’s joint announcements of our acquisition of Alluvium and our $25M in Series C funding is so meaningful. Just as our investors believe in Augury’s mission and growing market, we’re committed to continuing to push forward by making sure we have the right team to drive digital transformation for industrial and commercial organizations. Today’s news will allow us to grow and ensure we will set the pace of the machine health industry for the next ten years and beyond.
DOUBLING DOWN ON INDUSTRIAL, DOUBLING DOWN ON INNOVATION
Over the course of the last year, we have made substantial gains in the market and are now monitoring millions of hours of machine uptime, deployed across dozens of Fortune 500 companies’ facilities around the world and across various industries – from bottling plants and food manufacturing to pharmaceutical manufacturing, personal and home care, as well as utilities and commercial buildings.
Our approach to machine diagnostics enabled our partners to avoid countless machine failures and increase throughput in their manufacturing facilities. We’ve built the first truly scalable solution for continuous diagnostics, one that includes hardware, software, automated diagnostics, and reliability support. Our technology is easy to implement, extremely effective, and we have an excellent team in place to help our customers along the way.
Working with our partners on their journey to digital transformation has been a humbling and inspiring experience for us. By actively listening to their pain points and aligning on a shared vision of where the market is going, we understood that the potential for our technology goes well beyond what we initially sought out to achieve. We identified new layers of value that we should uncover and deliver.
Our acquisition of Alluvium is a meaningful step into this new future.
Alluvium has approached the same challenges as we have, but from a different angle. They have built the ability to ingest any kind of operational data, derive learnings from this data using state of the art techniques, and turn that learning into accessible and meaningful insights. By combining Augury’s mechanical data and diagnostics with Alluvium’s operational data ingestion and insights, we are able to provide a holistic view of the production line for the very first time. We have been closely following Drew, Chris, and the excellent team they’ve built over the last three years and are really excited for them to join us on our unified mission.
INVESTING IN GLOBAL GROWTH
Believing in the industry’s shift to embrace AI technologies and seeing an uptick in digitization trends, Insight Venture Partners was steadfast to partner with Augury to increase the company’s global presence. The emergence and maturation of IIoT and AI is creating a new horizon for connectivity that allows for enterprises to make informed decisions based on real-time, actionable insights. We are at the forefront of this trend, which will enable us to capitalize on the shifting market landscape.
Augury is in the unique position to break down barriers and bring together all the players within the ecosystem. Everything-as-a-Service is upon us, which is allowing OEMs to own more of the value chain, insurance companies to dynamically tie premiums to actual risk, and other service providers to move from physical services to digital offerings.
It’s an exciting time at Augury. Wait until you see what happens next.