Photo: proteanTecs
proteanTecs, a Haifa, Israel-based startup that invented a groundbreaking solution for predicting electronics failures, announced it has raised $35 million in Series B funding. The investors in this round include Avigdor Willenz, Intel Capital, ITI Venture Capital Partners, Mitsubishi UFJ Capital, Redline Capital Management S.A., Viola Ventures, WRVI Capital, Zeev Ventures and several others.
“We offer a one-stop cloud-based platform, that combines data derived from proprietary Agents embedded in chips, with machine learning and data analytics,” said proteanTecs’ co-founder and CEO Shai Cohen in a statement. “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.”
Failures in electronics can have a drastic impact and incur monetary consequences especially when services are abruptly discontinued. So proteanTecs launched Universal Chip Telemetry, which is a new language of inferred measurements for chip health and performance monitoring.
“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,” added Viola Ventures general partner and co-founder Shlomo Dovrat.
Including this round, proteanTecs has raised $50 million in funding. This round of funding will be used for further accelerating the development and adoption of proteanTecs’ technology.
“proteanTecs is uniquely positioned to address the ever-growing need for scaling electronics,” explained Lip-Bu Tan — who is the 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.”
And Intel Capital managing director Yair Shoham pointed out that proteanTecs’ solution has great potential to transform how the industry achieves essential levels “of visibility, quality, reliability, and predictability.” This is especially important as chip process and assembly technologies become increasingly advanced and complex.
