Startup Augury, which is actively developing industrial AI tools, has successfully closed a $55 million D Series financing round with the company’s total estimate, according to TechCrunch, ranging from $200 to $300 million. Augury was founded in 2011, but did not enter the market until 2014. Its specialization is diagnostic artificial intelligence for industrial equipment.
Any mechanical damage in internal combustion engines, air conditioning systems and pneumatic presses produces a unique sound, vibration or causes temperature changes. Augury’s engineers have developed a smart AI-based system that processes incoming data in the cloud and alerts customers to problems before the equipment fails. Augury already works with car manufacturers, home appliance and industrial equipment suppliers, and serves the production lines of major companies including Colgate and Heineken, TechCrunch reports.
The U.S.-Israeli startup’s algorithms work on the principle of “the more customers, the more accurate the system”, as AI analyzes machine patterns in a single cloud for all customers, comparing performance with working mechanisms. The system remembers the recorded sounds and vibrations, so Augury’s algorithms do not need to be retrained and only become faster every day. Moreover, by processing vibration, sound, and temperature information, the AI analyzes the overall state of the hardware and can predict future problems.
Over time, the system also begins to recognize unusual sounds and other indicators of trouble in new devices, drawing parallels between different types of hardware.
In order to prove its confidence in the AI platform, Augury provides “MunichRe-backed” warranty for free repair and compensation up to $100 thousand for all customers in case the algorithm makes a mistake and the equipment fails.
The startup received $55 million in Round D funding from Qumra Capital, an Israeli-based venture capital company. Funds from Insight Venture Partners, Eclipse Ventures, Munich Re. Venture Capital, Qualcomm Ventures and Lerer Hippeau Ventures also participated in the round, although they had previously invested in Augury. In total, since its inception, the company has attracted so far $106 million.
According to co-founder of Augury Saar Yoskovitz, the funds will be used to expand the range of services, as well as to create a global customer base and ecosystem of companies with which the startup works.