Israeli unicorn Augury snaps up Vertex Ventures, Viola-backed Seebo

 Israeli unicorn Augury snaps up Vertex Ventures, Viola-backed Seebo

Israeli unicorn Augury, which develops internet of things (IoT) and artificial intelligence-based solutions, is acquiring local company Seebo in a cash-and-stock deal.

Augury didn’t specify the exact value of the transaction, saying only that the deal was valued between $100 million and $200 million.

The deal will help a number of venture capital investors score an exit from Seebo. Its backers include Vertex Ventures, 10D, The Phoenix, Viola Ventures, TPY Capital, and Leumi Partners. The company has raised $46 million till date, according to Crunchbase. This includes $24 million in a Series B round last year.

Following the closure of the deal, Seebo founders Lior Akavia and Liran Akavia and its other executives will join Augury’s management team.

Augury says its software products are used to improve the health and reliability of machines for manufacturing and industry. Its Machine Health solutions help companies such as Colgate and PepsiCo predict machine reliability and performance issues to eliminate downtime and increase production efficiencies.

Seebo’s process-based AI 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.

Augury was founded in 2011 by chief executive officer Saar Yoskovitz and chief technology officer Gal Shaul. It employs more than 200 people across its research and development centre in Haifa, Israel, as well as in the US. Seebo’s acquisition will add 85 more people to its workforce.

The company turned a unicorn when it raised $180 million at a valuation of more than $1 billion in October last year. It has raised $286 million till date, and is backed by the likes of energy sector service provider Baker Hughes as well as SE Ventures, the corporate venture arm of Schneider Electric.

Its other investors are Insight Partners, Eclipse Ventures, Qumra Capital, Qualcomm Ventures LLC, the HSB Fund of Munich Re Ventures, and Lerer Hippeau.

Aman Malik

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