ProteanTecs, a developer of predictive technology for monitoring electronic chip performance, announced it raised $45 million in a growth equity round led by Koch Disruptive Technologies.
Valor Equity Partners, Atreides Management and the startup’s existing investors also participated in the funding round. ProteanTecs will use the funds to accelerate market growth and scale its business operations.
By applying machine learning to data generated by chip-embedded agents, proteanTecs technology provides its users with valuable insights and visibility. This helps increase operational efficiency, reduce time to market and improve products.
"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 Koch Disruptive Technologies.
"It's not only about improving processes; it's about reinventing the ecosystem's way of approaching challenges," Groner added.
ProteanTec CEO, Shai Cohen, said this latest funding round will ensure market coverage while leveraging the company’s existing commercial traction.
Cohen continued, "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.”
Zvika Orron, a partner at Viola Ventures, said that proteanTecs is spearheading an entirely new category based on deep data by combining different disciplines.
“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,” Orron added.
Founded in 2017 and headquartered in Israel, proteanTecs currently serves vendors across multiple industries, including data center, cloud, artificial intelligence and communications.
