Konux has raised another $ 13 million as part of an expansion of its Series B round of financing. Thus, the sum of the current financing is now a proud $ 33 million. Involved in the round are lead investor New Enterprise Associates (NEA), Upbeat Ventures, MIG AG and the new investor Alibaba Group.
The Munich-based KI Startup combines intelligent sensors and AI-based analytics to enable higher train punctuality and network capacity through predictive maintenance planning and optimized capacity utilization of the railways.
Chinese market crucial for Konux
Konux co-founder and CEO Andreas Kunze says:
“With the new investments added to the $ 20 million raised 10 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, the huge place for European startups
China is the largest and fastest-growing railway market in the world and thus crucial for the Munich start-up, says Kunze. Next he says:
“We are also pleased to continue to support our existing investors in implementing our strategy to build a world-class AI business outside of Europe”.
Also published on Medium.