Konux has raised an additional $13 million as part of an extension to its Series B financing round. The total funding now stands at an impressive $33 million. Participating in the round are lead investor New Enterprise Associates (NEA), Upbeat Ventures, MIG AG, and the new investor Alibaba Group.
The Munich AI startup combines intelligent sensors and AI-based analytics to enable higher train punctuality and network capacity through predictive maintenance planning and optimized railway utilization.
Chinese market crucial for Konux
Konux Co-founder and CEO Andreas Kunze says:
“With the new investments that are among the $20 million raised ten months ago With this addition, 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 largest and fastest-growing railway market in the world and therefore crucial for the Munich-based startup, Kunze said. He continued:
“We are also pleased with the continued support of our existing investors as we execute on our strategy to build a world-class AI company outside of Europe.”
