NEA leads $16m series-A for Konux

The third internal close on $9m brings the total raised in the series-A financing to $16m. In addition to NEA, the round was backed by MIG, Upbeat Ventures, UnternehmerTUM and private investors Andy Bechtolsheim, Michael Baum, Warren Weiss and Lothar Stein.

The new funding will be used for the development of new product features as well as market entry in further European countries. Konux also announced that Greg Papadopoulos of NEA will be joining its board of directors.

Previous funding
Konux held a first close on the series-A round on $7.5m in April 2016. The company planned to use the funding to roll out products for new and existing customers.

According to a press release, the company has raised a total of $18m in funding since inception in 2014.

Company
Founded in 2014 and based in Munich, Konux develops sensors to generate machine insights for industrial companies. The deployment of sensors and data analytics based on artificial intelligence enables customers to analyse machine problems, predict maintenance and increase uptime. Konux has recently started work with Deutsche Bahn to monitor the condition of rail switches in real time. The company employs 35 people.

People
NEA – Greg Papadopoulos (venture partner).
Upbeat Ventures – Torsten Kreindl (managing partner).
MIG – Sören Hein (venture partner).
Konux – Andreas Kunze (CEO).

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• Topics
• Expansion
• DACH
• Industrials
• Germany
• Venture