Summary List Placement
Artificial intelligence-backed startup Augury raised $55 million in Series D funding, according to a Wednesday announcement, fresh capital that will help its products — which help manufacturing companies predict when their machines might break-down — expand internationally.
Israel-based Qumra Capital led the round, with participation from existing investors Insight Venture Partners, Eclipse Ventures, Qualcomm Ventures, and others. Overall, Augury has raised $106 million since its was founded in in 2011. It was previously valued at $68 million, according to PitchBook, though Augury declined to share its latest valuation following this round.
The predictive maintenance market is a large one — and growing. Established players like GE and Honeywell offer their own products, along with a slew of startups. But where Augury differs, according to CEO and cofounder Saar Yoskovitz, is that it develops both the hardware and the software that its clients use, making it a so-called “full stack” provider.
“What you typically find is that every one of these projects begins with a seven-month integration project, just to get all the data, and sanitize it, and cleanse it before you can start building models,” he told Business Insider. “Because we standardize the data set and the models, we …read more
Source:: Businessinsider – Tech