Today (Thursday), Israeli startup proteanTecs, which develops predictive technology for monitoring electronic chip performance, announced a $45 million Series C funding round led by Koch Disruptive Technologies, with Valor Equity Partners, Atreides Management, and existing investors also joining in on the action.
“Provides insight throughout the chip’s entire lifecycle”
proteanTecs developed technology that enables continuous monitoring of performance in electronic chips and systems. This gives organizations a tool for monitoring the health and effectiveness of their digital systems throughout their lifecycle.
By combining operational data mined from the chip with machine learning and proprietary analytics capabilities, proteanTecs provides companies with self-sustaining capabilities, while increasing production volume and quality of their systems. Furthermore, the Israeli startup’s system allows the optimization of electronic fleets by alerting to potential malfunctions prior to the chip fully collapsing. The company notes that utilizing its tech in production lines leads to significant improvement in the quality of chip and the system during the production process, as well as monitoring operational reliability throughout the chip’s use.
In a conversation with Geektime, CEO Shai Cohen tells that since the last year’s funding round, the company has experienced a significant increase in product demand. He adds that “the industry already realizes the need for Deep-data solutions and is gradually adopting digitization and automation processes based on it. Our ‘cream of the crop’ customer list has already adopted our software and provides insight throughout the chip’s lifecycle.”
In addition, Cohen referred to the way proteanTecs has dealt with the COVID-19 crisis, saying that “our industry is no stranger to economic struggle, and we’ve overcome time and time again. For us, demand hasn’t slowed down but actually picked up, though we still don’t know the full effect yet. Most likely after a few months, things will start to stabilize and we’ll see the crisis’ impact on the supply chains and the whole ecosystem.” Cohen continues to add that despite the current reigning state of financial uncertainty in the world, the investors had the Israeli startup’s back throughout the whole process: “They understood the dire need for a digital revolution - a new approach that puts visibility at its core, one that can handle the complexity and uncertainty throughout the value chain.”
proteanTecs was founded in 2017 by a group of entrepreneurs, who were co-founders of global tech giant Mellanox: Shai Cohen, Evelyn Landman, Roni Ashuri, Eyal Fayneh, Dr. Yahel David, and Yuval Bonen. The company has raised a total of $95 million to date, and plans on targeting the newly acquired capital toward further global expansion and fortifying its customer support team.