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Konux, a Munich-based Industrial Internet of Things (IIoT) company has raised €11.5 million in an extension of its Series B round, bringing the total amount raised in the round since last year to €29 million. So far, the company has raised a total of €49.2 million.
This investment was led by New Enterprise Associates (NEA), Upbeat Ventures, MIG AG and new investor Alibaba Group. With the new funding, KONUX plans to expand internationally, especially in China.
Integrates smart sensor system and AI-based analytics
Founded by Andreas Kunze, Dennis Humhal, and Vlad Lata, the KONUX technology uses artificial intelligence to help clients to continuously monitor their infrastructure and to improve their operations.
For the starters, the company integrates smart sensor systems and AI-based analytics to deliver asset insights in real time and turn their data into quality increasing and cost-saving actions.
The end-to-end sensor data solution empowers industrial and rail companies to reach a new level of asset performance. As per the company claims, the clients today are reducing their maintenance expenses by +25%.
“Ready for global level”, says Dr. Chahab Nastar,
Further, it allows for better maintenance planning by helping infrastructure managers anticipate failures before they happen and know the optimal time and type of maintenance needed.
Notably, the company was selected by the World Economic Forum (WEF) as one of the world’s 30 most innovative start-ups and scale-ups worldwide. In our exclusive interview, Dr Chahab Nastar, Chief Innovation Officer of EIT Digital, mentioned Konux as one of the European deep tech startups which is ready to compete on a global level.
KONUX co-founder and CEO Andreas Kunze said:
With the new investments, adding to the USD 20 million we raised ten months ago, we have an even stronger financial position to expand our product portfolio development and accelerate our international market expansion, including expansion into China. China is the world’s largest and fastest growing railway market and thus crucial for us. We are also delighted with the continued support of our existing investors as we implement our strategy to build a world-class AI company out of Europe.
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