Kinexon plans to use the €15 million venture debt loan for its expansion in Europe, the US, and Asia, and for the development of new products, such as improved data analytics and artificial intelligence. The financing is backed by the European Fund for Strategic Investments (EFSI). EFSI is the financial pillar of the Investment Plan for Europe, through which the EIB and the European Commission aim to remove barriers to investment and use existing financial resources intelligently. Kinexon will receive the Venture debt loans the EIB in three tranches, each after reaching specified milestones.
The Munich-based company specializes in the development of sensor networks, edge computing, and real-time process automation. Kinexon offers solutions for production and logistics – for example, in process analysis and optimization, automation, and robotics.
“Internet of Things as important as electricity or running water”
In sports, it stands for detailed performance analysis, injury prevention and fan engagement. The company has also developed a product for the current pandemic: SafeZone records high-risk encounters live and anonymously. A small, wearable sensor is designed to warn users as soon as they no longer maintain the minimum physical distance recommended to prevent infection. In the event of an infection in an employee or athlete team, SafeZone identifies critical contacts with other team members in compliance with data protection regulations. Movement, location, or health data are not recorded. The wearable chip only measures the distance between two sensors and the duration of contact.
“We are entering a time when the Internet of Things will become as normal and important as electricity or running water,”
says the EIB Vice President responsible for Innovation, Financing in Germany and EFSI Ambroise FayolleHe continues:
"The IoT is already making our lives easier in many ways and across many sectors, from better health to education, transport, manufacturing, and agriculture. The EIB is committed to supporting companies that are shaping the future. Kinexon is one such company. Given how the company has leveraged its expertise during the COVID crisis, I am pleased that the EIB can support such creativity and vision."
Pole position for Europe
Oliver Trinchera, co-founder and managing director of Kinexon, is certain:
"Europe is in pole position to shape the future of the Internet of Things. With our real-time operating system, we want to play a leading role in connecting 'things' so they interact fully automatically. In recent years, demand for our solution has led to triple-digit annual growth. With the EIB, we have found a partner to help us maintain this momentum and accelerate the digitalization of the industrial and sports worlds. The pandemic is posing many challenges to economies around the world and has demonstrated the need for manufacturing and supply chains to become more resilient and digital. Kinexon is embracing precisely these trends – not least with our latest innovation, SafeZone, which has evolved into a pioneering digital solution against Covid-19."
