Successful Series B financing round for KONUX: The transaction volume totals USD 20 million. This internal round is led by New Enterprise Associates (NEA), which was also the lead investor in the last capital increase in spring 2017. MIG Fonds and all other existing investors of the Munich-based startup are continuing their involvement.
KONUX combines smart sensors and analytics based on artificial intelligence and enables railway companies to improve the availability of their assets and thus punctuality through predictive maintenance planning.
Help shape the digitalization of international railway systems
Dr. Greg Papadopoulos, Venture Partner at NEA, commented on the successful financing round:
"We are very impressed by the progress KONUX has made with its predictive maintenance solution for railway companies over the past twelve months. KONUX is well on its way to playing a decisive role in defining the digitalization of international railway systems—a huge future market. That's why we are pleased to expand our involvement with KONUX."
Dr. Soren Hein, partner of MIG, continues:
"We are impressed by how Andreas continually strengthens his team with experienced industry and technology experts. They speak the language of KONUX's markets and customers perfectly."
Perfect constellation
Co-founder and CEO Andreas Kunze was very pleased with the speedy and smooth completion of the new financing round:
"We have a very exciting path ahead of us. Our entire setup with our current investors is a perfect fit. Working together in this perfect constellation is simply a pleasure!"
As before, the additional funds will be used primarily for further product development and accelerated international market expansion.
Ambitious goals
By the end of the year, the Munich-based startup's products are expected to be in use in over half a dozen countries. According to Andreas Kunze, the startup is on the verge of securing major deals with both existing customers and new business. The company will announce further details in the coming weeks.
