KONUX, an Industrial Internet of Things (IoT) and artificial intelligence analytics company based in Munich, Germany, recently secured funding from Boundary Holding, a global investment fund, as part of a series B1 round. Although the amount remains undisclosed, industry experts speculate that the funds would help KONUX expand its presence across international markets.
Using the combination of smart sensors and artificial intelligence driven analytics, KONUX aims at tackling the issue of train timing delays and improve rail network capacity across the globe. Theoretically termed as predictive maintenance, the technology has been known to optimize the operations of multiple industries – effective use of railroad structure in this case. The company was co-founded by Vlad Lata (Vice-Chairman), Dennis Humhal (COO), and Andreas Kunze (CEO).
Andreas Kunze, CEO of KONUX, had a closed meeting with Rajat Khare, the founder of Boundary Holding, in London and Zurich to discuss the potential of the investment and finalize the terms of the deal. While Rajat Khare appreciated the dedication and commitment of Kunze, it is believed that the vision, thought process, and future expectations played a crucial role in seeing the deal through.
“We are glad to invest in KONUX and add it to our portfolio of investments. Apart from being a rather promising endeavour, KONUX and Andreas’ vision and passion are aligned with Boundary Holding’s core values and what we ourselves greatly respect and espouse. The synergy, thus exists on both the professional and personal front. The investment is bound to create a definitive, long-lasting, and fecund association,” said Rajat Khare.
The investment didn’t come as a surprise since Boundary Holding has been known to invest in companies that are based on futuristic technologies and operate with an artificial intelligence inspired infrastructure. Furthermore, the investment treads on the path of industrial IoT, a globally emerging field where companies are constantly trying to integrate newfangled technologies with the operations of some of the oldest functioning industries.
With this investment complete, the total funds raised by KONUX as of now are marked at €44 million. Compared to the previous year, the German startup has managed to rope in €29 million, out of which €11.5 million came as an extension of its Series B funding round. That said, the list of companies that have now invested in KONUX, apart from Boundary Holding, feature names such as Alibaba Group, Upbeat Ventures, New Enterprise Associates (NEA), MIG AG, and Andy Bechtolsheim (German billionaire).
