AI Tech Unicorn Augury to Acquire Seebo for $100M+
Less than one year after reaching the coveted tech unicorn status at a $1 billion valuation, New York City-based Augury has entered a definitive agreement to acquire Seebo, an Israel-based artificial intelligence startup that enables manufacturers to prevent waste and lower admissions.
The acquisition, announced on Tuesday, provides Seebo with a combination of cash and stock that is valued between $100 million and $200 million.
Alongside its recent acquisition, Augury is currently hiring for nearly 20 roles. Augury CEO Saar Yoskovitz told Built In via email that he expects the company to fill well over 100 more positions by the end of the year, with a heavy focus in Israel and North America.
Augury’s current technology, like Seebo’s, is also backed by AI, but instead helps companies better maintain the machines in their production and distribution facilities. The acquisition now expands the startup’s offerings to help manufacturers lower emissions and cut costs at facilities.
“The acquisition choice was driven mainly by fit and market need. Both companies have created AI solutions that drive quick time to value and both also believe [in] putting solutions directly in the hands of the people who face challenges,” Yoskovitz said. “Together our solutions will provide customers from the factory floor to the executive suite with insights to improve the health of machines, processes and overall operations across one production line or an entire portfolio.”
The acquisition is set to close at the end of May. Yoskovitz expects the complete integration of business systems to take the remainder of the year. Seebo’s co-founders Lior Akavia and Liran Akavia will join Augury’s management team along with other Seebo executives.