proteanTecs raises $50 million in Series C round
The Israeli startup developed deep data-based technology for monitoring the health of electronic systems for their entire lifecycle, and for boosting performance during their continuous use
Cybertech
| 29/09/2021
The management of proteanTecs. Photo courtesy of the company
Haifa-based startup proteanTecs, which developed a deep data-based technology for monitoring the health of electronic systems for their entire lifecycle, announced that it has completed a Series C funding round in which it raised $50 million. The latest round, which followed a round in August 2020, brings the company's total funding to $150 million. proteanTecs said it will use the funds to expand the company, accelerate development of its product and establish strategic cooperation with new partners. The round was led by Koch Disruptive Technologies.
The company, which was established in 2017, develops Universal Chip Telemetry, or UCT, for electronic systems during their entire lifecycle, and boosts their performance and reliability during their continuous use. By applying AI capabilities to new data collected by sensors embedded in the chip, proteanTecs provides new insights, improves the quality of the chip and the systems in which it is installed, and alerts users of malfunctions, thus extending the lifecycle of the product.
Among the new investors are some of the biggest names in the global electronics industry: Porsche SE, a global investor in the mobility and industrial technology sectors; Advantest, the world's largest manufacturer of chip testing equipment; and MediaTek, a producer of electronic systems for mobile devices and other consumer products.
Shai Cohen, CEO and co-founder of proteanTecs, said "The investment will strengthen proteanTecs' technological and market leadership. It solidifies our strategy of bringing together market leaders' diverse viewpoints to solve a cross-stake challenge, while validating the need for advanced monitoring solutions from design to field. We're grateful for the existing and new investors' support and shared vision to bring a common data language to the industry."
Eli Groner, managing director at Koch Disruptive Technologies, said "proteanTecs offers new technology for monitoring electronic systems, and supplies a holistic solution during the entire lifecycle of the system in a variety of fields of use. Our investment in the company is an expression of faith in the employees of the company and the product that they developed, and we are certain that it will bring about a change in the global industry."
Lutz Meschke, member of the board of management responsible for investment management at Porsche SE, said "Due to the fast-paced technological advancements and the ever-growing requirements for new chip generations, we see an enormous market potential for proteanTecs' technology leveraging predictive reliability, performance and power management."
The company is headquartered in Haifa, with offices in California, New Jersey, Tel Aviv and Taiwan. The company employs 130 workers, including 90 in Israel, and intends to increase the total to over 200 during the coming year.
The Israeli startup developed deep data-based technology for monitoring the health of electronic systems for their entire lifecycle, and for boosting performance during their continuous use
The management of proteanTecs. Photo courtesy of the company
Haifa-based startup proteanTecs, which developed a deep data-based technology for monitoring the health of electronic systems for their entire lifecycle, announced that it has completed a Series C funding round in which it raised $50 million. The latest round, which followed a round in August 2020, brings the company's total funding to $150 million. proteanTecs said it will use the funds to expand the company, accelerate development of its product and establish strategic cooperation with new partners. The round was led by Koch Disruptive Technologies.
The company, which was established in 2017, develops Universal Chip Telemetry, or UCT, for electronic systems during their entire lifecycle, and boosts their performance and reliability during their continuous use. By applying AI capabilities to new data collected by sensors embedded in the chip, proteanTecs provides new insights, improves the quality of the chip and the systems in which it is installed, and alerts users of malfunctions, thus extending the lifecycle of the product.
Among the new investors are some of the biggest names in the global electronics industry: Porsche SE, a global investor in the mobility and industrial technology sectors; Advantest, the world's largest manufacturer of chip testing equipment; and MediaTek, a producer of electronic systems for mobile devices and other consumer products.
Shai Cohen, CEO and co-founder of proteanTecs, said "The investment will strengthen proteanTecs' technological and market leadership. It solidifies our strategy of bringing together market leaders' diverse viewpoints to solve a cross-stake challenge, while validating the need for advanced monitoring solutions from design to field. We're grateful for the existing and new investors' support and shared vision to bring a common data language to the industry."
Eli Groner, managing director at Koch Disruptive Technologies, said "proteanTecs offers new technology for monitoring electronic systems, and supplies a holistic solution during the entire lifecycle of the system in a variety of fields of use. Our investment in the company is an expression of faith in the employees of the company and the product that they developed, and we are certain that it will bring about a change in the global industry."
Lutz Meschke, member of the board of management responsible for investment management at Porsche SE, said "Due to the fast-paced technological advancements and the ever-growing requirements for new chip generations, we see an enormous market potential for proteanTecs' technology leveraging predictive reliability, performance and power management."
The company is headquartered in Haifa, with offices in California, New Jersey, Tel Aviv and Taiwan. The company employs 130 workers, including 90 in Israel, and intends to increase the total to over 200 during the coming year.
