Konux, a Leading Provider of IoT Solutions Raised EUR 11.5 Million For The Railway Sector

According to the latest IoT information, the transportation startup Konux, a Munch-based company offering IoT industry solutions to the rail sector, has raised EUR 11.5 Million in the extension of the Series B, turning the overall amount raised in 2018 to EUR 29 Million.

The round of Series B was supported by the existing investors Upbeat Ventures, Alibaba Group, MIG AG, and New Enterprise Associates (NEA). Konux was founded back in the year 2014. The World Economic Forum had titled Konux as one among the most "innovative scale-ups" globally.

The company integrates AI-based analytics and smart sensors for making the trains much more punctual, by enhancing network capacity via predictive maintenance strategy planning and railway utilization optimizing. The new support and funding from the Chinese multi-national conglomerate Alibaba Group will prove to be very beneficial for Konux. It will help the company in expanding its territories globally, more importantly in China. Apart from that, the assistance from the other leading companies of the world will also prove to be very advantageous for the rapidly growing company.

The Co-founder and Chief Executive Officer (CEO) of Konux, Andreas Kunze, said in a statement, "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."  Further, he added, "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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