KONUX, a Munich-based industrial IoT startup has raised $13 million in funding as an extension of its Series B round. The series B round lead investor to include China’s Alibaba Group, New Enterprise Associates (NEA), Upbeat Ventures, and MIG AG. This extension brings the round size to $33 million, while the total amount raised by the company jumps to over $50 million. The new funding is aimed to expand globally, especially in China.
The news comes a month after Alibaba Group acquired another German startup, data Artisans, for a reported $101.96 million.
KONUX technology was founded by Andreas Kunze, Dennis Humhal, and Vlad Lata. The startup uses artificial intelligence to help clients monitor their infrastructure and to improve their operations. Additionally, the company integrates smart sensor systems and AI-based analytics to deliver asset insights in real time.
KONUX’s end-to-end sensor data solution mostly serves industrial and rail companies to reach a new level of asset performance. Moreover, the company claims to reduce maintenance expenses by +25% of their clients.
“The new funding will allow us to have a stronger financial position to expand our product portfolio, develop and accelerate our international market expansion, including expansion into China,” said KONUX co-founder and CEO Andreas Kunze. “China is the world’s largest and fastest growing railway market — and a new path for our growth in the country with providing quality services.” Further, he says we are delighted with the continued support from our existing investors as we plan to build a world-class AI company out of Europe.
Notably, KONUX was selected by the World Economic Forum (WEF) as one of the world’s 30 most innovative start-ups and scale-ups worldwide. Moreover, Dr. Chahab Nastar, Chief Innovation Officer of EIT Digital, mentioned Konux as one of the European deep tech startups which is ready to compete on a global level.