Israel-based deep data technology provider ProteanTecs has completed a $45m funding round led by Koch Disruptive Technologies (KDT), the corporate venture capital arm of chemicals producer Koch Industries.
Growth equity firm Valor Equity Partners and hedge fund Atreides Management also took part in the round along with existing investors including VC firm Viola Ventures.
ProteanTecs has created technology that applies machine learning to agents embedded in microchips to track their condition and performance through their lifecycle. The funding will support an expansion in its business and market presence.
Shai Cohen, ProteanTecs’ chief executive, said: “This new funding will assure market coverage as we leverage the existing commercial traction.
“We will use the investment to enhance our product offering and expand our global footprint so that we can offer even greater value to chip vendors, system integrators and service providers, as they navigate the challenges of scale in the industry.”
The company raised $35m in an April 2019 series B round featuring Intel Capital and Mitsubishi UFJ Capital, which invested on behalf of semiconductor and data technology provider Intel and financial services firm Mitsubishi UFJ Group.
The series B included Viola Ventures, ITI Venture Capital Partners, Redline Capital Management, WRVI Capital, Zeev Ventures and Avigdor Willenz and took ProteanTecs’ funding to nearly $50m since it was founded in 2017.
