Industrial IoT startup KONUX closes Series A round at $16 million

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Munich-based KONUX, an industrial IoT startup, has raised a further $9 million led by New Enterprise Associates (NEA), bringing its Series A round to $16 million.

Several other investors participated in the round including MIG, Upbeat Ventures, Andy Bechtolsheim, Michael Baum, UnternehmerTUM, Warren Weiss, and Lothar Stein.

KONUX develops industrial IoT solutions using smart sensors and AI-based analytics for real time monitoring of assets. It recently began working with German rail operator Deutsche Bahn.

“KONUX has the potential to have a massive impact on the industrial world through its AI solutions,” commented Dr. Greg Papadopoulos, NEA venture partner and former Sun Microsystems CTO, who will be joining the board of directors.

The new funding will be used to further develop its products and enter other European countries.

“Over the last year, we’ve made significant progress with our customer projects,” said Andreas Kunze, CEO of KONUX. “We aim to continue this strong momentum and drive IoT implementation with real business results.”

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