Munich-based industrial Internet of Things (IIoT) startup KONUX raised $7.5 million in Series A funding to start developing smart sensors for industry.
German industrial VC investor MIG lead the funding round, alongside New Enterprise Associates (NEA) and Silicon Valley’s Andy Bechtolsheim. UnternehmerTUM, Warren Weiss, and Founder.org were also named as investors according to the IIoT firm.
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The funding round allows the company to “expand its product platform, roll out products in volume for new and existing customers and establish [the company as a leader] in machine insights.”
KONUX already has a few recognizable customers, like Deutsche Bahn, one of the leaders in passenger logistics. The firm says it has reduced costs, increased safety, and digitized Deutsche Bahn’s infrastructure since it started working with them.
“Industrial companies are facing increasing challenges related to machine efficiency and maintenance expenses,” said KONUX CEO Andreas Kunze. “We believe the real impact and the toughest challenges of IoT are in the industrial world. We have designed solutions that allow for complete digitalization of manual measurements and comprehensive sensor data tracking and analytics, with the ultimate goal to shift from unplanned maintenance to predictive maintenance.”
KONUX joins growing IIoT marketplace
It is one in a growing list of startups designing IoT products for the industrial market. Some, including the German government, claim that this might be the fourth industrial revolution, on level with the advances the industry noticed when it switched from water to electric power; or started using computers to automate procedures.
“KONUX has tremendous experience with sensor solutions in industrial settings and can provide unique insights by combining sensors with cloud-enabled analytics,” said Greg Papadopoulos, Ph.D., Venture Partner at NEA and former CTO at SUN Microsystems. “Other solutions tend to focus on either the analytics layer or the manufacturing of sensor components; KONUX’s vertical approach and use of AI are unique differentiators.”
