Ten years ago, when we started Augury in Gal’s parents’ house, we set our sights on a massive global problem. We wanted to build a world where people could always rely on the machines that matter; a world where consumers get the everyday products they need, when they need them; a world where water and electricity are reliably delivered to everyone, everywhere. Our aspirations were big, but looking back now, it’s amazing to realize that we can, and must, think even bigger.
The pandemic, and the massive disruptions to supply chains that ensued, brought this into sharp perspective for us and the world. Those dual crises shone a spotlight on the hidden world of the machines that we rely on to make products, deliver services and improve lives. The empty store shelves and car dealerships reminded us of something else too. Machine Health isn’t just for machines. Machine Health means supply chain health, business health and human health too.
Ten years ago, we believed that Augury could have a meaningful impact, not just on us and the people around us, but on the wider world. We’ve seen that belief come to life in our customers all over the world, and we believe it even more today.
Rely on More of The Machines that Matter
Today, we are proud to announce that Augury has secured $180 million in new funding, bringing the company’s post-funding valuation to over $1 billion. The round was led by Baker Hughes, a global leader in energy technology and includes participation from new investor SE Ventures, the corporate venture arm of Schneider Electric, and existing investors Insight Partners, Eclipse Ventures, Qumra Capital, Qualcomm Ventures LLC, the HSB Fund of Munich Re Ventures and Lerer Hippeau. We also announced a commercial alliance with Baker Hughes to add Machine Health capabilities to Baker Hughes’ Asset Performance Management portfolio for the energy and industrial markets.
Augury went into overdrive in 2021. Our 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 are helping our customers make medicines, produce clean water, and deliver so many products that make our life better, from diapers to construction materials, snack foods to vaccines. With this new funding we can continue to expand globally, innovate in Augury’s core manufacturing market and step into new ones.
Our new investors and partners Baker Hughes and SE Ventures are global leaders in technology solutions for the energy generation and transmission sectors, putting Augury in a unique position to help transform the management of the machines that generate, move and use the world’s energy and accelerate the digital transformation and decarbonization of energy. Now we can build a sustainable world where people can rely on more of the machines that matter, in more of the sectors that matter.
The Pandemic’s Unsung Heroes
For us, Augury’s unicorn status and the trust of our customers and partners is a validation of the importance of Machine Health, a new category that they have helped us to build. We relied on our manufacturing customers and champions to guide us every step of the way. Today, implementing Machine Health is the first step that manufacturers take on their digital transformation journey.
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, to bring new innovations that will improve their lives and increase the impact of Machine Health on them, and the people that trust them to reliably deliver products and services.
It’s The Company You Keep…
Transforming an industry takes time. It takes talented people working tirelessly to bring their mission to fruition. What made this journey possible? Friendship, curiosity, determination, trust, belief, hard work, partnership and, above all, team. We did not build this company alone. It took a monumental effort by our entire team to get us to where we are today. Many people wished us success and helped us along the way. Today, we would like to thank them all.
But as founders we are always looking to the future. Augury now leads the way. We have the right product, the right team and the right timing. Now we can really get started.
Read the full press releases on Augury raising $180 million to become one of the first Industry 4.0 unicorns and Augury’s new alliance with Baker Hughes.