Industrial IoT scaleup and EIT Digital Accelerator alumnus Konux has raised $13 million as an extension of its Series B round. It increases the total Series B funding to USD 33 million.
Munich-based KONUX has successfully raised a further USD 13 million in an extension of its Series B financing round, announced in April 2018, bringing the total Series B amount raised since last year to USD 33 million. The Series B round includes lead investor New Enterprise Associates (NEA), Upbeat Ventures, MIG AG and new investor Alibaba Group. KONUX joined the EIT Digital Accelerator as a startup in 2014 after winning first prize in the Cyber-Physical Systems category of the EIT Digital Challenge contest.
KONUX combines smart sensors and AI-based analytics to enable higher train punctuality and network capacity through predictive maintenance planning and an optimized utilization of railroads. Co-founder and CEO Andreas Kunze says: “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.”
KONUX is a leading German AI/IoT startup, providing smart sensor systems and AI-based analytics to deliver actionable insights and enable predictive maintenance. Since its foundation in 2014, KONUX has raised more than $50 million from world leading investors and was selected by the World Economic Forum (WEF) as one of the world’s 30 most innovative start-ups and scale-ups worldwide. For more information please visit www.konux.com.
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EIT Digital Accelerator provides tailor-made growth support for European tech scaleups by helping secure international customers and raise capital. The Accelerator team comprises around 30 experienced business developers and finance experts operating from 15 cities across Europe, along with a hub in Silicon Valley. Since 2012, they have supported 300 startups who raised over €450 million in investment, with more than €100 million directly facilitated by the Accelerator. The programme was ranked 8th among the Top 20 Active Accelerators in the Global Accelerator Report 2016 by Gust.