Munich-based industrial equipment usage analytics startup Corrux has raised $3.1 million in a seed funding round led by German venture capital firm Target Partners, with participation from Josef Brunner, who is the CEO of Relayr and US venture investor Sean Dalton.
This seed funding has taken place to implement artificial intelligence in the arena of industrial equipment and scale up its operations.
About Corrux
Corrux is an industrial equipment usage analytics startup, which develops simple, powerful applications that let users understand heavy machinery ranging from excavators to track laying machines.
The company provides construction managers and OEMs with software to monitor on-site operations and gain insights from data. Moreover, the company’s analytics layer lets construction companies and OEMs understand their heavy machinery – ranging from excavators to track laying machines. The company uses artificial intelligence to filter out measurements and alerts of the highest priority.
Founded by Ryan Henderson and Laura Tönnies in 2018, Corrux is working towards developing software which keeps a track of equipment, manages it in real-time, reducing costly downtime and optimizing the maintenance cycle.
Also, the startup is developing its scalable platform to transparently monitor equipment performance even in complex environments such as tunnels, railways, and underground mining, and across various vendors.
Why is the startup important?
Talking about why there is a need of the startup, Michael Münnix, Partner at Target Partners, stated, “This represents a largely untapped market opportunity and corrux with its outstanding founding team is uniquely positioned. We’re excited to be a part of this”.
Where will be the funding utilised?
Corrux will be implementing AI in its industrial equipment. The funding will also be utilised to scale-up the startup’s business operations in Europe and the U.S.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Medicus AI raises €5M Series A funding to transform the future of healthcare sector