Konux, a Munich, Germany-based IIoT startup, raised an additional $9m in in the third and final close of their Series A financing.
The $16m totalling round was led by New Enterprise Associates (NEA) with participation from MIG, Upbeat Ventures, Andy Bechtolsheim, Michael Baum, UnternehmerTUM, Warren Weiss and Lothar Stein. In conjunction with the funding, Dr. Greg Papadopoulos, Venture Partner at NEA and former CTO at SUN Microsystems, will be joining Konux’ Board of Directors.
The company intends to use the funds for new product features and market entry in further European countries.
Led by CEO Andreas Kunze, Konux combines smart sensors and AI-based analytics to allow customers know their assets’ performance in real-time and switch to predictive maintenance.
The company has started working with Deutsche Bahn (DB), Europe’s largest rail operator, to digitize its network through condition monitoring of switches made via Konux’ smart sensors and analytics solution.
Founded in 2014, Konux has raised a total of $18M in funding and has a team of currently 35 employees.