Konux, a Munich, Germany-based IIoT startup, completed a $20m series B financing round.
The round was led by New Enterprise Associates (NEA), with participation from the MIG funds and all other existing financial investors.
The company intends to use the funds to accelerate product development and drive international market expansion
Led by CEO Andreas Kunze, 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. The solution allows clients to continuously monitor their infrastructure, identify maintenance needs ahead of time, and improve operational efficiency.
The company aims to be active in more than half a dozen countries by the end of the year.