Wednesday, June 29, 2022

Augury Acquiring AI Company Seebo

NEW YORK and TEL AVIV, Israel — The machine health company Augury is acquiring the artificial intelligence (AI) company Seebo. 

Augury is buying Seebo with cash and stock “valued between” $100 million and $200 million, according to Augury this month.

The transaction is expected to close at the end of May. 

Seebo’s founders, Lior Akavia and Liran Akavia, and other Seebo executives will join Augury’s management team. 

Tel Aviv-based Seebo, founded in 2012, has around 90 employees, according to LinkedIn. 

Seebo’s process-based AI offering is designed to give manufacturing teams the insights to optimize processes for multiple objectives, such as improving quality, throughput, and yield, while reducing waste, energy consumption, and emissions.

New York-based Augury, founded in 2011, has around 350 employees, according to LinkedIn. It has raised $286 million in financing, with a valuation of over $1 billion, as of last fall.

Augury’s machine health solutions help companies predict machine reliability and performance issues to reduce downtime and increase production efficiencies. 

The companies intend to provide an AI-driven view into the “interplays” between the factors that influence overall production health for manufacturers. 

The insights will be designed to help customers take actions that improve asset performance, process optimization, quality, sustainability, and safety.

“Manufacturers realize their competitiveness depends on empowering their front-line teams,” said Saar Yoskovitz, CEO, Augury. 

Yoskovitz said the companies’ combined capabilities should give “cross-functional teams the correlated view they need to transform how they work.”

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