MUNICH, Germany — KONUX, The Munich IIoT startup, has successfully completed a $20m series B financing round. This internal round was led by New Enterprise Associates (NEA), lead investors of the last capital increase in spring 2017, with participation from the MIG funds and all other existing financial investors.
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.
Greg Papadopoulos, PhD., Venture Partner at NEA and KONUX Board Member said: "We have been super impressed by the progress of KONUX’ predictive maintenance solution for railway operators over the past 12 months. KONUX is well on its way to making a defining system for the digitization of international railway systems – a huge future market, and we are delighted to continue our partnership with the team."
Soren Hein, PhD., Partner at MIG and KONUX Board Member said: "We are impressed to see Andreas continuously strengthening his team with industry and technology experts who are well versed in KONUX’ target markets and customers."
KONUX co-founder and CEO Andreas Kunze said that he was “very pleased“ with the swift and smooth course of the new financing round: "We have an exciting journey ahead of us. The overall set-up with our current investors is a perfect match. In this ideal constellation, working together is fun.”
The additional funds will be used for further product development and accelerated international market expansion. It is KONUX’ ambitious goal to be active in more than half a dozen countries by the end of the year. According to Andreas Kunze, KONUX is on the verge of signing contracts with both existing and new customers. The company will be announcing further details in the coming weeks.
Munich-based IIoT company KONUX integrates smart sensor systems and AI-based analytics to deliver asset insights in real time and to enable its customers to switch to predictive maintenance. The end-to-end solution helps clients continuously monitor their infrastructure, identify maintenance needs ahead of time, and improve operational efficiency. KONUX’ mission is to empower the rail industry to operate with the highest availability. Since its foundation in 2014, KONUX has raised $38M from world leading investors and expanded in Europe and to Asia. For more information please go to www.konux.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 220 portfolio company IPOs and more than 370 acquisitions. For additional information, visit www.nea.com.
MIG is a leading German-based venture capital firm with more than $1 billion under management. MIG invests in deep-tech and life-science companies with a focus on early-stage teams with global ambitions. The MIG Partners are all entrepreneurs who actively support the development of portfolio companies. For additional information, visit www.mig.ag.
Dr. Hans-Jurgen Croissant
KONUX Company Spokesperson
Phone: +49 163 7013035 / +1 (239) 316-8865
Email: [email protected]