proteanTecs nabs $45Mn funding from Addition to expand market reach

proteanTecs, a cloud-based platform offering deep data analytics for electronics performance monitoring, has recently closed a $45 million financing round with Addition, an innovative talent management company providing best-in-class marketing solutions.

The investment will accelerate proteanTecs's market leadership and increase the total funding to approximately $200 million since being established in 2017.

Shai Cohen, CEO and co-founder of proteanTecs, said that as technologies are advancing and their demand grows, analysis and monitoring are becoming quite crucial to achieve scalability and predictability.

He also added that delivering accurate business insights is into proteanTecs’s DNA and the company is excited to work with its new partners as proteanTecs is entering into a new phase of growth.

The investment is being considered a significant step in proteanTecs growth strategy and it will help the company to build on its Growth Equity Round and newly closed financing round which was led by Disruptive Technologies.

MediaTek, Advantest and Porsche SE are among the other investors who have recently joined hands with proteanTecs.

The company will be using the new capital to proliferate its market reach by expanding its global team and by recurringly innovating and enhancing its product offerings.

Lee Fixel, the founder of Addition, said that proteanTecs software offers unique visibility into security, performance and reliability of electronics systems which eventually removes the roadblocks for customers as they continue to propel their businesses with highly advanced chips.

He further added that Addition is looking forward to supporting proteanTecs as they are on the journey of expanding their global footprint and driving innovation for monitoring the performance of electronics.

proteanTecs offers highly advanced cloud-and edge-based software solutions that supervise the performance of electronics to help users to scale their operations. The company utilizes machine learning and proprietary chips telemetry data, which ensures end-to-end chip and system visibility that eventually increases the performance and reliability.

Source Credit: https://www.prnewswire.com/news-releases/proteantecs-secures-45-million-investment-from-addition-301541774.html