Augmentir Raises $7.5M in Oversubscribed Series A to Advance AI-based Performance Support for the Industrial Workforce
The company will use funds to expand its leadership position in AI-based performance optimization and workforce development for the industrial frontline workforce
Augmentir, Inc., the world’s only artificial intelligence-based connected worker software provider, announced that it has secured $7.5 million in Series A financing. This new funding will enable Augmentir to grow its team and to expand its leadership position in delivering performance support for industrial frontline workers. The Series A was led by Gardner Lewis Asset Management along with other key investors Lerer Hippeau, Pritzker Group Venture Capital, and HOLT Ventures.
The funding comes as today’s 350 million strong industrial frontline workforce face readiness challenges magnified by the COVID-19 pandemic. Businesses face a growing skilled labor shortage, retention, and worker engagement challenges, all while lacking the appropriate digital tools and data to effectively train and continually support their workers.
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“The workforce crisis in manufacturing, and across the entire industrial sector, is at an all-time high,” said Russ Fadel, Co-founder and CEO of Augmentir. “Companies like Colgate-Palmolive, BioChem Fluidics, and Hunter Industries are responding to these challenges by investing in Augmentir’s data driven, AI-based platform to transform how they train and support their frontline teams. This funding will enable us to expand our global footprint and deliver our innovative, AI-first approach to a broader set of industrial companies.”
Augmentir’s suite of AI-powered connected worker tools helps industrial companies understand their diverse workforce at an individual level, enabling them to reduce the effort it takes to onboard, guide, and support their workforce.
“Although the industrial workforce is clearly becoming more dynamic, its well-known skills gap remains, making it difficult for companies to meet their operational goals. Augmentir’s unique, AI-based solution for understanding the workforce at an individual level enables companies to move from a “one size fits all” approach to onboarding, guidance, and support, to one that is more personalized. This transforms these processes, which results in lower costs to hire, train, and support workers, all while delivering superior operational performance,” stated Whit Gardner, CEO of Gardner Lewis Asset Management. “In addition, we have confidence in the leadership team at Augmentir, having successfully invested with them in other market leading software products created by ThingWorx (acquired by PTC) and Lighthammer (acquired by SAP).”
Since its product launch in July 2019, Augmentir has experienced many successes in the form of industry recognition and new client adoption, including:
- Cisco selects Augmentir as its Connected Worker partner, adding Augmentir software to the Webex ecosystem and SolutionsPlus program.
- Colgate-Palmolive selects Augmentir to accelerate digitization in manufacturing operations, resulting in significant ROI and cost savings.
- Jobs for the Future (JFF) selects Augmentir as one of 15 ‘innovators to watch’, stating, “Augmentir stands out because it develops solutions with frontline workers and industrial settings in mind. At a time of heightened concern about automation eliminating industrial jobs, Augmentir presents employers with an opportunity to use technology to help workers develop the skills they need to adapt to changes.”
- Gartner recognizes Augmentir for Digital Transformation and Connected Worker Innovation in Manufacturing, noting the impact of COVID-19 on the manufacturing landscape and highlighting Augmentir for Connected Factory Worker technology and Immersive Experiences in Manufacturing.
- Hunter Industries Selects Augmentir to Digitally Transform its Manufacturing Operations, allowing Hunter to digitize and standardize its work instruction and provide remote guidance tools for its irrigation, outdoor lighting, and dispensing technology technicians.
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This latest round of funding will allow Augmentir to further expand its global reach in the industrial sector, including manufacturing, construction, utilities, oil and gas, mining, and field service industries, and continue to provide solutions that will shape the future of the industrial workforce.