Augury, an industrial AI + IoT company—with customers such as Colgate, Hershey’s and Pepsi – has raised $180M in Series E funding. The round,led by Baker Hughes, launches the company to unicorn status and makes it an important bellwether for Industry 4.0 transitions.
The deal comes amidst a pandemic-driven disruption in manufacturing and supply chains, which VCs have taken keen notice of. Something on the order of $45.1B has been raised by industrial start-ups so far this year, compared with the $34B raised in all of 2020, according to PitchBook. Augury’s wireless sensors and cloud platform monitors the “vitals” (like temperature and vibration) of critical industrial equipment. AI is used to compare them to a database of over 80K+ machine sounds so that faults can be detected before they cause downtime. It does this at an accuracy rate of over 99%. This is especially important as automation and robotics become driving forces of global manufacturing and distribution.
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