Funding to fuel global expansion and meet growing customer demand
HAIFA, Israel, Aug. 27, 2020 -- proteanTecs, a leading developer of Deep Data solutions for electronics' health & performance monitoring, announced today the closing of its growth equity financing round of $45M. The round was led by Koch Disruptive Technologies (KDT) and joined by Valor Equity Partners and Atreides Management, as well as existing investors. The investment will be used to accelerate proteanTecs' market penetration and scale business operations to meet growing demands.
"This new funding will assure market coverage as we leverage the existing commercial traction," said Shai Cohen, CEO of proteanTecs. "We'll use the investment to enhance our product offering and expand our global footprint so that we can offer even greater value to chip vendors, system integrators and service providers, as they navigate the challenges of scale in the industry. I'm glad to welcome such great partners as we write the next chapter of the company together."
Addressing industrywide challenges of scale in advanced electronics, proteanTecs introduces visibility from within. The company enables digital systems to report on their own health and performance, throughout their entire lifecycle. By gaining Deep Data analytics based on chip telemetry, manufacturers increase production quality by an order of magnitude, while brand owners optimize fleet management in the field, with alerts on faults before they become failures.
"Increased design complexity and customer expectations require new ways to track product performance, especially as the world becomes more reliant on electronics," commented Eli Groner, managing director at KDT. "It's not only about improving processes; it's about reinventing the ecosystem's way of approaching challenges."
proteanTecs serves some of the largest and most technologically innovative electronics vendors across multiple industries, including Datacenter, Cloud, Artificial Intelligence and Communications. Their solutions are silicon proven at high volumes in single-digit process technologies.
"proteanTecs' founders had a transformative vision - to empower machines to take responsibility over their own health," commented Zvika Orron, Partner at Viola Ventures. "By combining various disciplines, they have spearheaded a completely new category based on Deep Data. Today's announcement is a testament to the successful realization of that vision, proving yet again the dire market need and exemplary execution by the team. As believers from day one, we are thrilled to continue our journey and longstanding partnership with the company."
Lip-Bu Tan, Managing Partner of WRVI Capital and Chairman of Walden International, said: "The team has done an incredible job in taking the industry forward to an era of certainty and predictability. I am pleased to welcome the growth equity partners on board. We have a rich investment history alongside KDT and have great faith in their value."
proteanTecs develops revolutionary Universal Chip Telemetry™ for electronic systems throughout their entire lifecycle, increasing their performance and reliability. By applying machine learning to novel data created by chip-embedded Agents™, proteanTecs provides meaningful insights and visibility unattainable until today, leading to new levels of quality, reliability and scale. Founded in 2017, the company is headquartered in Israel with offices in New Jersey and California. For more information, visit: www.proteanTecs.com.