Konux, a Munich, Germany-based industrial IoT company, raised $7.5m in Series A financing.
The round was led by the MIG with participation from New Enterprise Associates (NEA), Andy Bechtolsheim, UnternehmerTUM, Warren Weiss, and Michael Baum’s Founder.org.
The company intends to use the funds to expand the platform, and roll out products for new and existing customers.
Led by Andreas Kunze, CEO, Konux is developing smart sensor systems and data analytics based on artificial intelligence for industrial companies to analyze machine problems, predict maintenance generate real-time machine insights, increase uptime and reduce maintenance costs.
Since inception in the end of 2014, the company has acquired multiple customers including major customer Deutsche Bahn, one of the world’s leading passenger and logistics company operating in 130 countries across the globe.