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ProteanTecs, an Israel-based company providing deep data solutions for electronics health and performance monitoring, today announced it raised $45 million. ProteanTecs claims it’s built advanced cloud and edge enterprise solutions that monitor the health and performance of chips powering electronics from design to field.
In a press release, ProteanTecs CEO and cofounder, Shai Cohen, said advancements in technologies and how companies use them mean that monitoring and analysis are imperative to achieve scale and predictability. Cohen also said ProteanTecs is helping companies transform production and service by providing critical business insights.
Following a pandemic that halted economic activities worldwide, a global chip shortage soon kicked in. As semiconductor companies aim at bouncing back from the pandemic and improving their business outcomes, the demand for chips has grown significantly. Gartner predicts chip shortage will recover to normal levels by the second quarter of 2022. While this development holds great promise, ProteanTecs believes monitoring chip health and performance is even more essential.
Electronics visibility from within
In its quest to power what it calls “electronics visibility from within,” ProteanTecs’ technology embeds agents into the chip design, enabling each chip’s health and performance to be monitored. Before chip production, design simulations across hundreds of manufacturing model variants are generated, uploaded to ProteanTecs’ software platform and processed by machine learning (ML) algorithms.
ProteanTecs claims its proprietary chip telemetry data and ML-based technology enables its analytics platform to provide teams with actionable insights, allowing them to immediately identify potential problems. This results in increased reliability and performance, according to Cohen.
He said the company’s customers include large-scale technology companies in many industries, including, automotive, datacenter, mobile and communications.
More on the funding
ProteanTecs says this additional capital will help to accelerate its market reach by expanding its global team, enabling the company to continue to innovate and enhance its product offering. The company also claims it will mark a significant milestone in the company’s growth strategy and builds on its growth equity round. The funding round was solely led by Addition.
ProteanTecs was founded in 2017 and has raised almost $200 million since inception.
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