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ProteanTecs, an Israel-based company that provides deep data solutions for electronics health and performance monitoring, announced today that it has raised $45 million. ProteanTecs claims to have 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 co-founder Shai Cohen said advances in technology and the way companies are using them mean monitoring and analytics are imperative to achieving scale and predictability. Cohen also said ProteanTecs helps companies transform manufacturing and services by providing essential business insights.
Following a pandemic that interrupted economic activities around the world, a global shortage of chips was quickly triggered. As semiconductor companies aim to rebound from the pandemic and improve business results, demand for chips has increased dramatically. Gartner expects chip shortages to return to normal levels by the second quarter of 2022. While this development is very promising, ProteanTecs believes monitoring chip health and performance is even more essential.
Interior Electronic Visibility
In its quest to power what it calls “electronics visibility from the inside out,” ProteanTecs’ technology embeds agents into the chip design, allowing the health and performance of each chip to be monitored. Prior to chip production, design simulations on hundreds of manufacturing model variants are generated, uploaded to PproteanTecs software platform and processed by machine learning (ML) algorithms.
ProteanTecs says its proprietary chip telemetry data and ML-based technology enable its analytics platform to provide teams with actionable insights, allowing them to identify potential issues immediately. 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, data center, mobile and communications.
Learn more about financing
ProteanTecs says this additional capital will help accelerate its market presence by expanding its global team, allowing the company to continue innovating and improving its product offering. The company also says it will mark a milestone in the company’s growth strategy and is building on its growth capital round. The funding round was solely led by Addition.
Addition’s Lee Fixel said in the press release that ProteanTecs’ software provides visibility into the reliability and security of electronic systems, removing barriers for customers as they continue to grow their businesses with more advanced chips. .
ProteanTecs was founded in 2017 and has raised nearly $200 million since its inception.
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