Proemion gets €33.5M investment from Battery Ventures

By Mike Brezonick26 October 2022

Proemion, a German-based multinational technology company specializing in hardware-enabled software solutions to connect mobile machines with humans, the cloud, and each other, has announced a €33.5 million growth investment from Battery Ventures, a global technology-focused investment firm. In July, Battery announced new, global funds capitalized at a combined $3.8 billion.

Proemion Proemion announced a €33.5 million investment from investment company Battery Ventures. (Photo: Proemion)

Family-owned since its founding in 1987, Proemion creates CAN devices and connectivity solutions and has global offices in Fulda, Germany, Dayton, Ohio, and Seoul, South Korea. Its connectivity solutions include proprietary telematics control units and accompanying cloud-based software. Its 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 in industries such as construction, agriculture and logistics — to better manage equipment, plan maintenance, save fuel costs, monitor CO2 emissions, etc.

With this growth investment from Battery Ventures —and anticipated future capital infusions from Battery and Proemion’s founders — Proemion said it 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.”

“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, who has joined the company’s board of directors. “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.

“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.”

MAGAZINES
Latest News
World of Concrete sees strong attendance in Las Vegas
The 49th annual tradeshow drew 48,000 registrants, almost back to pre-pandemic levels
JLG completes acquisition of Hinowa
Deal expected to increase JLG’s presence in niche industries such as agricultural, landscape and vegetation management
Generac expands into home electric vehicle chargers
Level 2 charger designed to recharge an electric vehicle in four to six hours