In a press release, proteanTecs said the investment will be used to accelerate the company's market penetration and scale business operations to meet growing demands. The round was led by Koch Disruptive Technologies (KDT) and joined by Valor Equity Partners and Atreides Management, as well as existing investors. The company is reported to have raised $95 million from investors to date.
"This new funding will assure market coverage as we leverage the existing commercial traction," said proteanTecs CEO Shai Cohen. "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."
proteanTecs says its technology enables digital systems to report on their own health and performance throughout their entire lifecycle, providing meaningful insights and visibility unattainable until today. 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, according to the company.
"Increased design complexity and customer expectations require new ways to track product performance, especially as the world becomes more reliant on electronics," said 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, which was founded in 2017, says it serves some of the largest and most technologically innovative electronics vendors across multiple industries, including datacenter, cloud, artificial intelligence and communications. In addition to its headquarters in Israel, the company has offices in California and New Jersey.