KONUX goes Silicon Valley - An EIT Digital success story

KONUX goes Silicon Valley - An EIT Digital success story

What had started out as a Munich based high-tech startup, met with success after only a few months.

EIT Digital supported KONUX throughout its first rounds of fundraising and assisted with its business development in Germany and further international markets.

The background

An interdisciplinary founding team that first met during their graduate studies at Technische Universität in Munich. The founders combine the expertise of trained engineers with the innovative ideas of young, dynamic entrepreneurs.

The idea

Integrating smart sensor systems and analytics to help industrial and rail companies switch to predictive maintenance.

How it all began

  • March 2014: KONUX is officially founded in Munich
  • June 2014: KONUX wins EIT Digital Challenge
  • July 2014: $100K funding by FOUNDER.org
  • September to December 2014: Trip to Silicon Valley, where KONUX is hosted by EIT Digital SV Hub, receives support from the SV Business Development group and raises additional funding in Silicon Valley
  • December 2014: KONUX signs up for US incorporation, sets up a new office in Munich and hires additional employees
  • Early 2015: KONUX announces $2M seed round with leading Silicon Valley angel investors such as Michael Baum

Steady growth

  • July 2015: KONUX starts working with Deutsche Bahn to digitize the German rail network
  • April 2016: KONUX closes first $7.5M of their Series A with leading Silicon Valley VC NEA and MIG
  • October 2016: KONUX wins the German digital award “Spark Award 2016” by McKinsey and Handelsblatt, and the Mobility award “Deutscher Mobilitätspreis 2016” by the German Ministry of Transport and Digital Infrastructure for its work to digitize the rail industry
  • January 2017: KONUX is featured in the "AI 100" list by CBInsights and its founders are voted among the “Forbes 30 under 30”
  • April 2017: KONUX raises additional funding, bringing its Series A to a final close at $16M

The story continues

  • KONUX has grown to over 35 employees and number continue to increase
  • KONUX is currently focusing on its European expansion and will use the latest funding to expand its product features, especially in the area of machine learning

The KONUX success story continues and we will continue to actively support them in their efforts to conquer the rail industry in Europe and, eventually, worldwide.

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