Munich-based transportation startup KONUX offers IoT industrial solutions for the rail industry. It combines smart sensors and AI-based analytics to make trains more punctual, while improving network capacity through predictive maintenance planning and the optimisation of railway utilisation.
Founded in 2014, KONUX was named one of the most innovative scale-ups worldwide by the World Economic Forum. The startup has just 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, and the total raised to date by the startup to €44 million. The Series B round was backed by existing investors New Enterprise Associates (NEA), Upbeat Ventures, MIG AG, and new investor Alibaba Group.
With the new funding and backing from Alibaba Group, KONUX plans to expand internationally, especially in China.
“With the new investments, adding to the $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,” said KONUX co-founder and CEO Andreas Kunze. “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.”