FULDA, Germany–(BUSINESS WIRE)–Proemion, the multinational technology company that develops hardware-enabled software solutions to connect mobile machines to people, the cloud and each other, today announced a $33.5 million growth investment. In July, Battery announced new global funds that are capitalized with a total of USD 3.8 billion.
Family-owned since its inception in 1987, Proemion develops connectivity solutions with proprietary telematics control units and accompanying cloud-based software. Proemion’s customers include original equipment manufacturers (OEMs) and companies with mixed fleets that use Proemion’s telematics solutions to run machines more efficiently through the use of remote diagnostics and analytics. In particular, the technology enables customers – working in industries such as construction, agriculture, logistics and natural resources – to better manage equipment, schedule maintenance, save on fuel costs and monitor CO2 emissions and more.
The predictive capabilities of Proemion telematics enable global customers to increase productivity with robust, cloud-based remote diagnostics while reducing operational costs and downtime.
With this growth investment by Battery – and anticipated future capital injections from Battery and the founders – Proemion will expand its international operations, pursue other organic growth initiatives and seek acquisitions. As part of this transition, Robert Thomas Michaelides, current COO of Proemion, will assume the role of Chief Executive Officer.
“We are extremely proud of the business we have built and now excited to unveil Proemion’s next chapter with the partnership and support of the Battery Ventures team,” said Robert Michaelides Sr., who owned Proemion more than three years ago founded decades. “As an experienced investor with specific expertise in software and industrial technology, also in Europe, Battery was a very attractive partner for us and we look forward to long-term cooperation.”
Robert Thomas Michaelides, now CEO of Proemion, added: “As the adoption of technology accelerates in our industry, the landscape of device manufacturing and maintenance is also changing, with a focus on connecting machines and people remotely. With this investment, we can continue to scale and make our platform available to more OEMs and partners around the world.”
“The ability to service fleets more efficiently and schedule machine maintenance and service also helps Proemion’s customers manage supply chain disruptions, which have become more frequent recently,” noted Dave Tabors, Partner at Battery Ventures Private Equity.
“Industrial applications of advanced technologies like Proemion’s telematics capabilities are in increasing demand today as OEMs, mixed fleet operators and other manufacturers look to improve operational efficiencies,” said Tabors, who has joined the company’s board of directors. “We see tremendous opportunity in this sector and look forward to partnering with the founding family to deliver Proemion’s solutions on a global scale.”
As part of the investment, Battery’s Max-Julian Kaye will also join Proemion’s board of directors.
Founded in 1987, Proemion develops CAN devices and connectivity solutions for companies of all sizes. Its mission is to empower people to make the best data-driven decisions and connect their machines for success. Proemion has global offices in Fulda, Germany, Dayton, Ohio and Seoul, South Korea.
You can find more information at: www.proemion.com or follow us on LinkedIn.
About Battery Ventures
Battery works with exceptional founders and management teams that are building category-defining companies in markets such as software and services, enterprise infrastructure, consumer technology, healthcare IT, and industrial technology and life science tools. Founded in 1983, the firm supports companies at all stages, from inception through growth and acquisition, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Follow the company on Twitter @BatteryVentures, visit our website at www.battery.com and find a complete list of Battery’s portfolio companies here.