Proemion Announces €33.5M Growth Investment from Global Technology Investment Firm Battery Ventures
24.10.2022 08:43:00 CEST | Business Wire | Press Release
Proemion, the multinational technology company creating hardware-enabled software solutions to connect mobile machines with humans, the cloud, and each other, today announced a €33.5M growth investment from Battery Ventures, the global technology-focused investment firm. In July, Battery announced new, global funds capitalized at a combined $3.8B.
Family-owned since its founding in 1987, Proemion creates connectivity solutions with proprietary telematics control units and accompanying cloud-based software. Proemion customers include original equipment manufacturers (OEMs) and mixed-fleet companies who use Proemion’s telematics solutions to operate machinery more efficiently through the use of remote diagnostics and analytics. Specifically, the technology allows customers—who operate in industries including construction, agriculture, logistics, and natural resources—to better manage equipment, plan maintenance, save fuel costs, monitor CO2 emissions, and more.
The predictive capabilities of Proemion telematics allow global customers to increase productivity with robust, cloud-based remote diagnostics while reducing operational costs and downtime.
With this growth investment from Battery—and anticipated future capital infusions from Battery and the founders—Proemion will expand international operations, execute other organic-growth initiatives and pursue acquisitions. As part of this transition, Robert Thomas Michaelides, current Proemion COO, will assume the role of chief executive officer.
“We are extremely proud of the business we’ve built and are now thrilled to unveil the next chapter of Proemion, with the partnership and support of the Battery Ventures team,” said Robert Michaelides Sr., who founded Proemion more than three decades ago. “As an experienced investor with specific expertise in software and industrial technology, including in Europe, Battery was a very attractive partner for us, and we look forward to working together over the long term.”
Added Robert Thomas Michaelides, now Proemion’s CEO, “As technology adoption in our industry accelerates, the landscape of equipment manufacturing and maintenance is shifting in turn, with a focus on remotely connecting machines with humans. With this investment, we can further scale, bringing our platform to more OEMs and partners around the world.”
“The ability to maintain fleets more efficiently and plan for machine maintenance and service also helps Proemion’s customers manage supply-chain disruptions, which have become more prevalent lately,” noted Battery Ventures Private Equity Partner Dave Tabors.
“Industrial applications of advanced technologies, such as Proemion’s telematics capabilities, are becoming more in demand today as OEMs, mixed-fleet operators, and other manufacturers seek to improve operational efficiency,” said Tabors, who has joined the company’s board of directors. “We see a tremendous amount of opportunity in this sector and look forward to partnering with the founding family to bring Proemion’s solutions to a global scale.”
As part of the investment, Battery’s Max-Julian Kaye is also joining Proemion’s board.
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 their 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 exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT, and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London, and Tel Aviv. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
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Contact information
Media Contact
Philipp Maul // Proemion
press@proemion.com
+49 661 94 90 309
Megan O’Leary // Battery Ventures
moleary@battery.com
(415) 426-5912
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