Augury, a leading provider of IoT and Industrial AI solutions designed to improve health and reliability of machines for manufacturing and industry, has signed a definitive agreement to acquire Seebo, a leader in AI-based process intelligence.
The deal is a combination of cash and stock and is valued between $100 million and $200 million.
Together the companies aim to provide an AI-driven view into the interplays between the diverse factors that influence overall production health. These correlated insights will enable customers to take actions that improve asset performance, process optimization, quality, sustainability and safety.
Augury’s Machine Health solutions help companies ranging from Colgate and PepsiCo to ICL and Essity predict machine reliability and performance issues to eliminate downtime and increase production efficiencies. Seebo’s Process-Based Artificial Intelligence™ provides manufacturing teams with the insights to optimize processes in the face of multiple, often-conflicting objectives such as improving quality, throughput and yield while reducing waste, energy consumption and emissions.
“Manufacturers realize their competitiveness depends on empowering their frontline teams. However methodologies like TPM and IWS can only drive production gains so far, without accurate insights into the interrelated ways that processes, materials, environment and equipment impact production health,” said Saar Yoskovitz, CEO of Augury. “The lack of a unified platform to provide these insights stifles collaboration and progress. The combination of our full-stack machine health platform and Seebo’s process-based AI will give cross functional teams the correlated view they need to transform how they work, and unlock $1 trillion in untapped production potential from existing facilities worldwide.”
The transaction is expected to close at the end of May, at which time Seebo’s founders Lior Akavia and Liran Akavia, as well as other Seebo executives, will join Augury’s management team.
