• Augury, an Israeli AI-based predictive maintenance solutions provider, has announced that it has signed a definitive agreement to acquire Seebo, another Israeli company that offers predictive quality and yield solutions for manufacturers to identify process-driven inefficiencies. The transaction, which is a combination of cash and stocks valued between USD 100 million–200 million, is expected to close by the end of this month.

• The two companies will integrate their technologies to offer AI-driven insights on the interactions between various factors that influence production health and to improve asset performance and process optimization while also ensuring quality, sustainability, and safety.

• Upon completion of the transaction, Seebo’s 85 employees will join Augury’s workforce. Seebo’s executives, including Founders Lior Akavia and Liran Akavia, will also join the Augury management team. 

<ul><li> Analyst QuickTake: The funds for Seebo’s acquisition were made available last October when Augury raised USD 180 million in Series D funding to facilitate growth. Augury is one of the few companies to have achieved unicorn status in the predictive maintenance space, in addition to peers like SparkCognition and Uptake Technologies. Companies in this space often leverage acquisitions for expansion. For example, SparkCognition also made several acquisitions during 2021–22 with the latest being visual AI startup Integration Wizards to expand the company’s vision capabilities.</ul>