Munich-based industrial equipment usage analytics startup corrux has raised $3.1 million in a funding round led by Target Partners, with participation from Josef Brunner (CEO at relayr) and Sean Dalton.
The platform created by corrux is there to help analyse how fleets of heavy industrial equipment, from excavators to track laying machines, are used. According to the company, the fleet management process is still often done by pen and paper, leading to all sorts of issues and inefficiencies.
“We see a clear mismatch between the significance of heavy machinery on project delays and the amount of data-enabled decisions in controlling and maintaining these assets”, said Michael Münnix, partner at Target Partners. “This represents a largely untapped market opportunity…”
In the photo: corrux co-founders Ryan Henderson and Laura Tönnies