Proemion, a global telematics technology company, announced a €33.5 million growth investment from Battery Ventures.
In July, Battery Ventures, the global technology-focused investment firm, announced funds capitalized at a combined $3.8 billion.
Founded 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.
Proemion’s telematics technology allows customers, who operate in industries including construction, agriculture, logistics, and natural resources, to manage equipment, plan maintenance, save fuel costs, monitor CO2 emissions, and more.
Proemion will expand international operations, execute other organic-growth initiatives and pursue acquisitions with this growth investment from Battery—and anticipated future capital infusions from Battery and the founders.
As part of this transition, Robert Thomas Michaelides, current Proemion COO, will assume the role of chief executive officer.