New Enterprise et al. back $20m series-B for Konux

The round was led by US-based New Enterprise Associates (NEA) with participation from MIG funds and other existing shareholders. Upbeat Ventures and UVC Partners have taken part in previous rounds.

Konux will use the additional capital for product development and international expansion. It aims to be active in more than six countries by the end of 2018.

Previous funding
NEA led a group of investors to close the third internal round of Munich-based Konux's series-A funding in April 2017. The third close on $9m brought the total raised in the series-A financing to $16m.

The company has now raised a total of $38m since inception, according to a press release.

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 works with Deutsche Bahn to monitor the condition of rail switches in real time.

People
New Enterprise Associates – Greg Papadopoulos (venture partner).
MIG – Sören Hein (venture partner).
Konux – Andreas Kunze (CEO).

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