proteanTecs Completes Successful Series B Funding and Launches Out of Stealth Mode

HAIFA, Israel, April 1, 2019 /PRNewswire/ -- proteanTecs, a start-up company that invented a groundbreaking solution for the prediction of failures in electronics, announced today that it has completed a series B financing round of $35 million. Investors include Avigdor Willenz, Intel Capital, 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," said Shai Cohen, proteanTecs' co-founder and CEO. "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 seasoned industry veterans, including three former founders of Mellanox Technologies, with deep knowledge and experience in the semiconductor industry.  

Shlomo Dovrat, co-founder and General partner at Viola Ventures commented: "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."

"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," said 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 $50 million to date. The funding will be used to further accelerate the development and adoption of proteanTecs' technology.

About proteanTecs

proteanTecs develops revolutionary Universal Chip Telemetry™ for electronic systems throughout their entire lifecycle, increasing their performance and reliability. By applying machine learning to novel data created by embedded Agents, proteanTecs provides meaningful insights unattainable until today, leading to new levels of quality, reliability and scale. Founded in 2017 and led by seasoned industry veterans, the company is headquartered in Israel with offices in New Jersey and San Francisco. For more information, visit: www.proteanTecs.com.

About Viola Ventures

Viola Ventures is a venture capital firm, empowering early stage start-ups to become global leaders.  Founded in 2000, Viola Ventures manages over $1B across five funds and managed by six investing partners, solely dedicated to early-stage tech investment. The fund has backed a substantial share of Israel's large technology companies, including: Ironsource, Actimize, Payoneer, Redislabs, Outbrain, Lightricks and others. Viola Ventures is part of Viola - Israel's leading technology-oriented investment group with over $3B assets under management. For more information, please visit: www.viola.vc.

About WRVI Capital 

WRVI Capital is a leading venture capital firm that invests in exceptional entrepreneurs and disruptive technologies that will help shape the future. Our management team and investment professionals leverage over 400 years of accumulated investment and operational experience and bring to our portfolio companies a deep and unmatched network of value added strategic relationships. WRVI Capital invests globally and has offices in California, Israel, India and China. For further information about WRVI Capital, please visit www.wrvi.vc.

About Intel Capital 

Intel Capital invests in innovative startups targeting artificial intelligence, autonomous vehicles, datacenter and cloud, 5G, next-generation computers and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$12.4 billion in 1,554 companies worldwide, and 670 portfolio companies have gone public or participated in a merger. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.

Press Contact

Tamar Naishlos, Media Relations
tamarn@proteanTecs.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/proteantecs-completes-successful-series-b-funding-and-launches-out-of-stealth-mode-300822178.html

SOURCE proteanTecs