ProteanTecs, an Israeli company globally recognized for its deep data analytics for electronics monitoring, has closed a $45 million financing round with VC firm Addition. The investment will strengthen the company’s market leadership and brings the total funding to nearly $200 million since the it was founded in 2017.
ProteanTecs provides advanced cloud and edge enterprise solutions that monitor the health and performance of electronics to help customers scale their operations. The company’s analytics platform offers users increased reliability and performance, by using proprietary chip telemetry data and machine learning to ensure end-to-end chip and system visibility.
“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.
Fixel is a former Tiger Global investor who has seen several successful investments in recent years including Peloton, Roblox and Coinbase. In 2020, he launched Addition, his own firm which now has over $4b under management.
“We look forward to supporting the proteanTecs team as they expand their global footprint and continue to drive innovation for performance monitoring of electronics,” he said.