Konux, a German startup from TechFounders’ very first batch, continues to scale up. The company announced today that they have successfully closed their Series C funding round with a total amount of $80 million. Following this financing round, KONUX is now the largest AI scale-up in Europe in the field of sustainable transportation.
The Munich-based startup is transforming railway operations for a sustainable future. KONUX combines machine learning and IIoT to deliver SaaS solutions for the industrial world, including the railway industry. Since its founding in 2014, the startup has raised more than $130 million and expanded across Europe and Asia. Their solutions improve railway network capacity, reliability, and cost-efficiency.
KONUX has conducted several pilot projects in Europe for railway operators, including French railway company SNCF Réseau and Belgian railway infrastructure company Infrabel. At the end of 2020, KONUX concluded a long-term framework agreement with Deutsche Bahn (DB). The companies are now working together on the digitization of DB’s 1,300 switches so that passengers can travel more reliably by train on heavily congested lines. DB is investing €15 million in this stage of the project.
The startup has ambitious plans with its recent funding: the company aims to create more than a hundred new jobs, expand its product portfolio, and further boost its global market footprint.
The funding round was led by impact investor Sanno Capital and backed by the new investor Athos, the investment vehicle of the Strüngmann family that is the largest shareholder in COVID-19 vaccine developer BioNTech. The existing investors DIVC and New Enterprise Associates also contributed significantly in this round. NEA’s Co-Founder and former Chairman Dick Kramlich also participated personally in this transaction. According to the company’s recent press release, KONUX is now the largest AI scale-up in Europe in the field of sustainable transportation.
Image source: KONUX