MUNICH, Germany. KONUX, the Munich AI startup, has successfully raised a further USD 13 million in an extension of its Series B financing round, announced in April 2018, bringing the total amount raised in its Series B financing round 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 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.
KONUX co-founder and CEO Andreas Kunze said: “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 go to www.konux.com.