Based in Munich, Germany, the IoT transportation startup KONUX combines smart sensors and AI-based analytics to enable higher train punctuality and network capacity. They do so through predictive maintenance planning and an optimised utilisation of railroads.
The startup announced that it has raised a further €11,5 million in an extension of its Series B financing round, announced in April 2018. This brings the total amount raised in its Series B financing round since to €29 million. The Series B round includes lead investor New Enterprise Associates (NEA), Upbeat Ventures, MIG AG and new investor Alibaba Group.
According to the company, the funds will be used to fuel international expansion primarily to China.
The co-founder and CEO of KONUX, Andreas Kunze, said: “With the new investments, adding to the USD 20 million we raised ten months ago, we have an even stronger financial position to expand our product portfolio development and accelerate our international market expansion, including expansion into China. China is the world’s largest and fastest growing railway market and thus crucial for us. We are also delighted with the continued support of our existing investors as we implement our strategy to build a world-class AI company out of Europe.”
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