Israel-based chip monitoring technology developer ProteanTecs lifted its latest equity funding round to $95m yesterday having closed a $50m extension led by chemical technology producer Koch Industries.
Chip testing equipment producer Advantest and fabless semiconductor maker MediaTek also took part in the round, as did automotive manufacturer Volkswagen’s luxury vehicle brand, Porsche; holding group Allied Group’s luxury car importer unit, Champion Motors; and unnamed returning backers.
Koch Industries and MediaTek were represented by Koch Disruptive Technologies (KDT) and MediaTek Capital (also known as MediaTek Ventures) respectively in the round, which took the company’s funding to $150m since it was founded in 2017.
ProteanTecs has built machine learning-equipped, cloud-based software agents intended for use in semiconductor devices to detect faults in integrated circuits.
Regarding the cash injection, ProteanTecs co-founder and chief executive Shai Cohen said: “It solidifies our strategy of bringing together market leaders’ diverse viewpoints to solve a cross-stake challenge while validating the need for advanced monitoring solutions from design to field.”
KDT had already led a $45m close for the round in September 2020, investing alongside Valor Equity Partners, Atreides Management and existing shareholders including Viola Ventures.
Intel Capital and Mitsubishi UFJ Capital – respective subsidiaries of chipmaker Intel and financial services firm Mitsubishi UFJ Group – participated in a $35m series B round for ProteanTecs in 2019 that included Viola Ventures, ITI Venture Capital Partners, Redline Capital Management, WRVI Capital, Zeev Ventures and Avigdor Willenz, taking its total funding to almost $50m.
