Proemion receives €33.5M investment from Battery Ventures to expand telematics technology globally
Proemion has received a €33.5M growth investment from Battery Ventures, the global technology-focused investment firm. In July, Battery Ventures released 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 users 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. The technology allows users – 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's telematics allow users to increase productivity with robust, cloud-based remote diagnostics while reducing operational costs and downtime.
With this growth investment from Battery Ventures – and anticipated future capital infusions from Battery Ventures 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," says 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.
"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."
As part of the investment, Battery Ventures' Max-Julian Kaye is also joining Proemion's board.