The Munich-based startup Corrux has closed a $3.1 million financing round. The company's software is designed to optimize the use of heavy equipment such as construction machinery and cranes.
Target Partners is leading the round. The investment also includes RelayrCEO Josef Brunner and US venture investor Sean Dalton participated. The young company plans to use the financing to advance product development.
Corrux enables construction managers, operations managers, and development managers in open-pit mines to track the utilization of excavators and other equipment on-site in real time. Equipment manufacturers can also improve their service offerings with Corrux thanks to greater transparency. A typical use case for the software is machine management, which is still often done with pen and paper. CEO Laura Tönnies says:
“We are striving for a holistic solution for a market segment in which, at best, isolated individual solutions have been used so far.”
“For Corrux, this is a largely uncultivated field”
Michael Münnix, partner at Target Partners, emphasizes the significant impact of equipment availability on project delays. At the same time, however, there has been a lack of opportunities to make data-based decisions regarding the use of such equipment. He says:
"For Corrux, this represents a largely uncultivated field with promising market opportunities. We are very pleased to be a part of this exciting development."
With the VC funding, the startup aims to expand its position in Europe and the United States in particular. The company is currently working on a scalable platform for transparent monitoring of large-scale equipment in various scenarios, such as tunneling, rail construction, and mining.
