Horsham, Pa.-based Augmentir, which is building an AI-based “connected worker” solution to dramatically raise industrial productivity, said it has completed a new financing round led by Chadds Ford, Pa.-based Gardner Lewis Asset Management.
Other investors included New York-based Lerer Hippeau, California’s Pritzker Group Venture Capital and the company’s founders. According to Crunchbase, the startup has so far raised $7.5 million in venture funding.
“We’re thrilled to be able to raise capital at a significant increase in Augmentir’s valuation, at a time when peers are struggling in the market,” said Augmentir co-founder and CEO Russ Fadel, a Duke University engineer who previously co-founded three ventures. “Our exponential growth is a result of our commanding AI-based competitive advantage, and has given us a leadership position in the Connected Worker space.”
Serial Entrepreneurs
Augmentir was founded in 2017 by Fadel, Phil Huber and Lawrence Fan. Huber serves as vice president of development and Fan is the company’s chief data scientist. The trio previously co-founded of Internet of Things firm ThingWorx, Wonderware and Lighthammer, each of which used technology to enhance industrial manufacturing.
Now the three claim triggering a “fourth industrial software revolution” that would increase the productivity and quality of processes involving front-line workers. Augmentir has developed connected worker technology that harnesses AI and generative AI pioneered by ChatGPT. Augmentir claims its technology can assess worker capability and task complexity, and use those results to digitize and optimize frontline work. A key part of its program is workforce development to optimize upskilling and reskilling programs.
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Together with the funding announcement, Augmentir named two additions to its leadership team. Kiyomi Otani, a former Oracle executive with decades of experience, was named vice president of customer and sales operations, while former Parsable executive Carsten Hunfeld was named to head sales in EMEA.
Backers
Gardner Lewis Asset Management was founded in 1990 by W. Whitfield Gardner and John L. Lewis IV. It invests in “differentiated opportunity sets where fundamental research and risk-advantaged positioning can drive favorable outcomes.”
Lerer Hippeau, founded in 2010, has raised nearly USD 700 million via a dozen funds. Eric Hippeau, Kenneth Lerer, Ben Lerer and Graham Brown serve as the firm’s managing partners. The firm has made over 400 portfolio investments and exited over 150. Its recent investments include Cure Hydration, Companion, Haven Energy, Plus One Robotics, trackd and Disclo.
