The Munich-based Industrial IoT startup KONUX announced today that it has raised another $9 million from existing investors, led by New Enterprise Associates (NEA). This internal round was the third and final close of their Series A financing, bringing the total raised to $16 million. Other participants in the comprehensive Series A include: MIG, Upbeat Ventures, Andy Bechtolsheim, Michael Baum, UnternehmerTUM, Warren Weiss and Lothar Stein. KONUX is one of the very few German startups that were able to attract leading Silicon Valley VCs.
Dr. Greg Papadopoulos, Venture Partner at NEA and former CTO at SUN Microsystems, will be joining the KONUX Board of Directors. He stated: “KONUX has the potential to have a massive impact on the industrial world through its AI solutions. It will significantly change the way companies approach their asset management and maintenance processes. KONUX has demonstrated impressive progress with its predictive analytics solution for railway operators and has successfully installed its first systems in the field – giving us the confidence and excitement to increase our original investment.”
KONUX was founded in 2014 and has raised a total of $18 million in funding and has built a team of currently 35 employees. The Munich-based startup combines smart sensors and AI-based analytics to help customers know their assets’ performance in real-time and switch to predictive maintenance. The company‘s vision is to enable a data-driven industrial world.
The Board Observer Dr. Torsten Kreindl, Managing Partner at Upbeat Ventures and former longtime Swisscom board member said: “Predictive analytics for critical assets is one of the largest opportunities for industrial companies in the era of digitalization. KONUX has managed to find a huge market and to profit from its roots in two innovative technology hubs: Its product development is based on both the executional speed of Silicon Valley and the quality of German engineering.”
KONUX has recently achieved several important milestones, including the start of its work with Deutsche Bahn (DB), Europe’s largest rail operator. The company has also begun its successful expansion into further European markets. The Industrial Internet of Things (IIoT) startup enables rail operators to digitize their network through condition monitoring of switches, the most critical part of railway infrastructure. The smart sensors and analytics solution will help them predict maintenance needs in advance and react in time, thereby increasing network availability and punctuality.
Over the last months, KONUX was awarded the German Mobility Price as well as the German Digital Price “Spark Award” for its predictive analytics solution. The startup and its founders furthermore made it into the “AI 100” list by CBInsights and the “Forbes 30 under 30”.
The additional funding will be used primarily for the development of new product features and the market entry in further European countries.
KONUX CEO Andreas Kunze stated: “We aim to continue this strong momentum and drive IoT implementation with real business results. We feel very proud to have our current investors believing in us and supporting us on our journey. This additional funding is a true show of their confidence.”