Oilfield services provider Baker Hughes led a $180m series E round for US-headquartered machine diagnostics and analysis technology developer Augury yesterday.
The round included Qualcomm Ventures, the investment arm of mobile semiconductor producer Qualcomm, as well as energy technology manufacturer Schneider Electric’s SE Ventures unit and Munich Re Ventures, the corporate venturing vehicle representing reinsurance firm Munich Re.
Insight Partners, Qumra Capital, Eclipse Ventures and Lerer Hippeau also participated in the round, which valued the company at over $1bn post-money, bringing its total funding to $268m.
Augury has developed a system to monitor the well-being of industrial machinery through advanced sensors which collect extensive data. Together with unused money from its series D round, it said the round will give it $200m to spend on its global expansion and product development for new markets like energy.
The company had raised $55m in a Qumra Capital-led series D round in October 2020 that also featured Qualcomm Ventures, Munich Re Ventures, Eclipse Partners, Insight Partners and Lerer Hippeau.
Insight Partners previously led a $25m series C round for Augury in early 2019 that included Munich Re, Lerer Hippeau, Pritzker Group Venture Capital and Eclipse Ventures.
Munich Re and Eclipse Ventures co-led the company’s $17m series B round in 2017, investing alongside First Round Capital, Sound Ventures, Pritzker Group Venture Capital and Lerer Hippeau.
Saar Yoskovitz, Augury’s co-founder and chief executive, said: “Today marks a significant step into that future since our industry’s leading organisations have recognised the importance of machine health to them and their customers and trust Augury to be their machine health partner.
“I am thrilled by the opportunity this funding, coupled with the market access our new investors provide, gives us to further fuel Augury’s exponential growth and bring the impact of machine health to new markets.”
