Fulda, Germany –(Business Wire)–Proemion, a multinational technology company that creates hardware-enabled software solutions that connect mobile machines with people, the cloud, and each other, today announced a €33.5 million growth investment from global technology investment firm Battery Ventures. In July, Battery announced a new global fund with a total capitalization of $3.8B.
Proemion has been family-owned since 1987, creating connectivity solutions through a proprietary telematics control unit and accompanying cloud-based software. Proemion customers include original equipment manufacturers (OEMs) and mixed fleet companies that use Proemion’s telematics solutions to operate machines more efficiently through remote diagnostics and analysis. Specifically, the technology enables customers in industries such as construction, agriculture, logistics and natural resources to better manage equipment, plan maintenance, save fuel costs, monitor CO2 emissions, etc.
The predictive capabilities of Proemion telematics enable customers worldwide to increase productivity through powerful cloud-based remote diagnostics, while reducing operating costs and downtime.
With this growth investment in Battery and anticipated future capital infusions from Battery and the founders, Proemion will expand its international business, execute other organic growth initiatives and make acquisitions. As part of this transition, current Proemion Chief Operating Officer Robert Thomas Michaelides will assume the role of Chief Executive Officer.
“We are very proud of the business we have built and are now excited to open a new chapter in Proemion with the collaboration and support of the Battery Ventures team,” said Robert Michaelides Sr., who founded Proemion more than three decades ago. An experienced investor with specific expertise in industrial technology (including in Europe), Battery is a very attractive partner for us and we look forward to a long-term partnership.”
Robert Thomas Michaelides, current CEO of Proemion, added: “As technology adoption accelerates in our industry, the landscape of equipment manufacturing and maintenance is also changing, with a focus on connecting machines and humans remotely. With this investment, we can scale even further. , bringing our platform to more OEMs and partners around the world.”
“The ability to more efficiently maintain fleets and plan machine maintenance and service also helps Proemion’s clients manage supply chain disruptions, which have become more prevalent recently,” noted Dave Tabors, Private Equity Partner at Battery Ventures.
“Industrial applications of advanced technologies such as Proemion’s telematics capabilities are becoming increasingly popular today as OEMs, mixed fleet operators and others seek to improve operational efficiency,” said Tabors, who has joined the company’s board of directors . “We see a lot of opportunity in this space and look forward to working with the founding family to bring Proemion’s solutions to the world.”
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 to connect 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 distinguished founders and management teams to develop category-defining businesses 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 seed and early stage to growth and acquisitions, and operates globally with offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv invest. Follow the company on Twitter @BatteryVentures, visit our website www.battery.com and find a full list of Battery portfolio companies here.