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Electronics health company completes series B funding

proteanTecs, a start-up company that invented a solution for the prediction of failures in electronics, has completed a series B financing round of USD 35 million.

Investors include Avigdor Willenz, Intel Capital (which Evertiq reported on), ITI Venture Capital Partners, Mitsubishi UFJ Capital, Redline Capital Management S.A., Viola Ventures, WRVI Capital, Zeev Ventures and others. Electronics are becoming ubiquitous in every aspect of our lives, growing in scale and complexity, yet quality and reliability become harder to achieve. Failures can have a drastic impact, incurring monetary consequences, especially when service is abruptly discontinued. proteanTecs introduces Universal Chip Telemetry, a new language of inferred measurements for chip health and performance monitoring. "We offer a one-stop cloud-based platform, that combines data derived from proprietary Agents embedded in chips, with machine learning and data analytics," says Shai Cohen, proteanTecs' co-founder and CEO, in a press release. "This significantly improves chip and system production quality, while tracking operational reliability and alerting on faults before they become failures. proteanTecs provides unprecedented insights throughout the value chain, from Chip Vendors to System Vendors and Digital Service Providers." The company was founded by industry veterans, including three former founders of Mellanox Technologies, with knowledge and experience in the semiconductor industry. "proteanTecs, led by an exceptional founding team, is introducing a new category, transforming the electronics industry with a novel approach to quality and reliability. As the fund who led the first round in the company, we are proud to maintain our strong support in Round B as well, demonstrating our continued confidence in the company," says Shlomo Dovrat, co-founder and General partner at Viola Ventures. "proteanTecs is uniquely positioned to address the ever-growing need for scaling electronics", commented Lip-Bu Tan, Managing Partner of WRVI Capital and Chairman of Walden International. "Reliability and Predictive Maintenance will no longer be a boundless effort and cost, but rather an accessible, accurate and common asset, spanning across the industry." "As chip process and assembly technologies become increasingly advanced, they also become increasingly complex," adds Yair Shoham, Managing Director at Intel Capital. "proteanTecs' solution has great potential to transform how our industry achieves the essential levels of visibility, quality, reliability and predictability." proteanTecs' solutions are already being used by a diversified range of customers. The company has secured funding of nearly USD 50 million to date. The funding will be used to further accelerate the development and adoption of proteanTecs' technology.
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November 12 2019 7:31 am V14.7.10-1