Transportation startup Konux, a Munch-based company that offers IoT industrial solutions for the rail industry, has raised EUR 11.5 million in an extension of its Series B, bringing the total amount raised last year to EUR 29 million, according to eu-startups.com.
The Series B round was backed by existing investors New Enterprise Associates (NEA), Upbeat Ventures, MIG AG and Alibaba Group. Founded in 2014, Konux was named one of the most innovative scale-ups worldwide by the World Economic Forum.
The company combines smart sensors and AI-based analytics to make trains more punctual, while improving network capacity through predictive maintenance planning and the optimization of railway utilization. The new funding and support from Alibaba Group will help Konux expanding internationally, especially in China.
“With the new investments, adding to the $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,” said KONUX co-founder and CEO Andreas Kunze cited by eu-startups.com. “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.”