EIT Digital congratulates the Munich-based scaleup and EIT Digital Accelerator alumni KONUX on another $9 million fund raising. This round was the third and final close of their Series A financing, bringing the total raised to $16 million. KONUX offers a smart sensors solution for industrial Internet of Things (IIoT) applications and intelligently networked systems.
The IIoT scaleup joined the EIT Digital Accelerator in 2014 after winning the first prize of Idea Challenge startup contest in the Cyber-Physical Systems category that included a €40,000 cash prize. Within EIT Digital Accelerator KONUX benefited from sales trainings across Europe and expanded their network in the US through the business development team at EIT Digital's Silicon Valley hub.
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 KONUX founders were also listed on this year's Forbes "Industry 30 Under 30 Europe" list.
"The EIT Digital Accelerator alumnus KONUX is an excellent proof that European high-tech digital ventures are able to quickly scale up. Scaleups are real generators of growth and jobs and will greatly benefit the European economy in the future. Scaling up European ventures is at the core of our EIT Digital Accelerator program", says Willem Jonker, CEO EIT Digital.