FULDA, Germany–(BUSINESS WIRE)–October 24, 2022–
Proemion, a multinational technology company that creates hardware-enabled software solutions to connect mobile machines to humans, the cloud, and each other, today announced a $33.5 million investment from global technology-focused investment firm Battery Ventures. Announced euro growth investments. In July, Battery announced a new global fund totaling $3.8 billion.
Family-owned since 1987, Proemion creates connectivity solutions using its own telematics control unit and accompanying cloud-based software. Proemion’s customers include Original Equipment Manufacturers (OEMs) and mixed fleet companies who use Proemion’s telematics solutions to operate their machinery more efficiently using remote diagnostics and analytics. Specifically, this technology enables customers operating in industries such as construction, agriculture, logistics, and natural resources to manage equipment, plan maintenance, save fuel costs, monitor CO2 emissions, and more. I can.
Proemion Telematics’ predictive capabilities enable global customers to reduce operational costs and downtime while increasing productivity with robust cloud-based remote diagnostics.
With this growth investment from Battery and expected future capital infusions from Battery and the founders, Proemion will expand its international operations, execute other organic growth initiatives and pursue acquisitions. As part of this transition, current Proemion COO Robert Thomas Michaelides will assume the role of Chief Executive Officer.
Robert Michaelides Sr., who founded Proemion over 30 years ago, said: “As experienced investors with expertise in software and industrial technology, including Europe, Battery is a very attractive partner for us and we look forward to working together in the long term.”
Robert Thomas Michaelides, current CEO of Proemion, added: This investment will allow us to scale further and offer our platform to more of his OEMs and partners around the world. ”
Dave Tabors, Private Equity Partner at Battery Ventures, said:
“Advanced technology industrial applications such as Proemion’s telematics capabilities are in increasing demand today as OEMs, hybrid vehicle operators and other manufacturers look to improve operational efficiency. “We see tremendous opportunities in this space and look forward to partnering with the founding families to deploy Proemion solutions on a global scale.”
As part of the investment, Battery’s Max-Julian Kaye will also join Proemion’s board of directors.
About Proemion
Founded in 1987, Proemion creates CAN devices and connectivity solutions for businesses of all sizes. Its mission is to empower people to make the best data-driven decisions, connecting machines for success. Proemion has global offices in Fulda, Germany; Dayton, Ohio; and Seoul, South Korea.
For more information, please visit www.proemion.com or follow us on LinkedIn.
About Battery Ventures
Battery partners with leading founders and executive teams developing category-defining businesses in markets such as software and services, enterprise infrastructure, consumer technology, healthcare IT, industrial technology and life science tools. increase. Founded in 1983, the company supports companies at every stage, from seed to early stage to growth to buyout, investing globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Follow the company on Twitter @BatteryVentures and visit our website www.battery.com to find a complete list of Battery’s portfolio companies.
View source version at businesswire.com: https://www.businesswire.com/news/home/20221023005045/en/
Contact: Media contact Philipp Maul // Proemion
press@proemion.com
+49 661 94 90 309Megan O’Leary // Battery Ventures
molary@battery.com
(415) 426-5912
Keywords: Germany Europe
Industry Keywords: Professional Services Other Professional Services Mobile/Wireless Technology Software
Source: Proemion
Copyright Business Wire 2022.
PUB: 2022/10/24 02:43 AM/DISC: 2022/10/24 02:43 AM
http://www.businesswire.com/news/home/20221023005045/en
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