proteanTecs Secures $45 Million Investment from Addition
Funding will strengthen market leadership in electronics monitoring solutions
Brings total company funding to nearly $200 million
HAIFA, Israel, May 10, 2022 /PRNewswire/ -- proteanTecs, a global leader in deep data analytics for electronics monitoring, announced today that it has closed a $45 million financing round with Addition. The investment will strengthen the company's market leadership and brings the total funding to nearly $200 million since the company was founded in 2017.
proteanTecs provides advanced cloud and edge enterprise software solutions that monitor the health and performance of electronics to help customers scale their operations. Using proprietary chip telemetry data and machine learning, proteanTecs' analytics platform ensures end-to-end chip and system visibility for increased reliability and performance. Customers include large-scale, innovative technology companies in uptime-critical industries such as datacenter, automotive, communications and mobile.
"As technologies advance and usage requirements grow, monitoring and analysis are imperative to achieve scale and predictability," said Shai Cohen, CEO and co-founder of proteanTecs. "Helping companies transform production and service by providing critical business insights is built into our DNA. We look forward to working with our new partners as we enter a new and exciting phase of the company's growth."
The investment marks a significant milestone in the company's growth strategy and builds on its Growth Equity Round and recently closed Growth Equity Round Extension, both led by Koch Disruptive Technologies. Other investors to recently join include MediaTek, Advantest and Porsche SE.
The company intends to use the new capital to accelerate its market reach by expanding its global team and continuing to innovate and enhance its product offering.
"proteanTecs' software provides unique visibility into the reliability and security of electronics systems, which will remove roadblocks for customers as they continue to scale their businesses with more advanced chips," said Lee Fixel of Addition. "We look forward to supporting the proteanTecs team as they expand their global footprint and continue to drive innovation for performance monitoring of electronics."
About proteanTecs
proteanTecs is a leading provider of deep data monitoring solutions for advanced electronics in the Datacenter, Automotive, Communications and Mobile markets. Based on Universal Chip Telemetry™ (UCT), the company provides system health and performance monitoring, from production to the field. By applying machine learning to novel data created by on-chip UCT agents, the company's analytics platform delivers predictive insights and visibility, leading to new levels of quality, reliability and scale. Founded in 2017, the company is headquartered in Israel with offices in New Jersey, California, India and Taiwan. For more information, visit: www.proteanTecs.com.
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