KONUX is getting serious: the Munich-based IoT startup has raised an additional $9 million from existing investors. As the company announced today, this third internal capital increase, led by New Enterprise Associates (NEA), concludes its Series A financing round. A total of over $16 million has been raised.
KONUX's other investors, MIG, Upbeat Ventures, Andy Bechtolsheim, Michael Baum, UnternehmerTUM, Warren Weiss, and Lothar Stein, also participated in the three parts of the A round. The Munich-based startup also announced that Dr. Greg Papadopoulos, NEA Venture Partner and former CTO of Sun Microsystems, will join its Board of Directors.
“KONUX has the potential to significantly influence the future of the industrial world through its AI solutions.”
said Papadopoulos.
KONUX combines smart sensors and algorithms based on artificial intelligence. This system helps industrial companies continuously monitor the condition of their assets and perform predictive maintenance. The vision of this up-and-comer from the Bavarian capital is to enable a data-driven industrial world.
It's all about the mix
“In the age of digitalization, predictive analytics for critical assets is one of the greatest opportunities for industrial companies.”
explained Dr. Torsten Kreindl, Managing Director at Upbeat Ventures, former long-standing member of the Board of Directors of Swisscom and member of the KONUX Board of Observers. He further says that KONUX has managed to
"to identify a huge market and to benefit from its roots in two 'technology hubs': KONUX's product development is based on the speed and innovative power of Silicon Valley on the one hand, and on the quality of German engineering on the other."
Board of Directors member Dr. Sören Hein, Venture Partner at MIG and former Vice President of Infineon, emphasized KONUX's in-house expertise:
"KONUX has succeeded in uniting young entrepreneurs and industry experts with decades of experience in sensor technology, data fusion, and artificial intelligence into an outstanding team. This combination of innovative ideas and deep technical expertise is clearly reflected in KONUX's industrial solutions."
Deal with the railway and other milestones
In recent months, the Munich-based company has achieved several important milestones, including the successful launch of its collaboration with Deutsche Bahn, Europe's largest rail company. Expansion into other European markets has also begun. The Industrial Internet of Things (IIoT) startup helps railway companies digitize their infrastructure and continuously monitor the condition of switches. The system solution, comprising smart sensors and AI-based analytics, enables railway operators to identify maintenance needs early and increase line availability and punctuality.
Internationally recognized: Funds flow into European market expansion
In the last six months, the successful Munich-based company was awarded the German Mobility Prize and the German Digital Prize “Spark Award” for its IoT solutions. Furthermore, the startup and its founders were included in the list of “AI 100” by CBInsights and the prestigious circle of “Forbes 30 under 30 Europe” was chosen. The additional funds will be used primarily for product development and further European market expansion.
“Over the last year, we have made significant progress in our customer projects.”
says KONUX co-founder and managing director Andreas Kunze.
"Our goal is to maintain this momentum and advance the implementation of IoT solutions in industrial environments. We are very proud that our investors believe in us and support our growth. The additional funds in our financing round are a true vote of confidence in this."
