Germany-based train sensor technology developer Konux increased its series B round to $33m yesterday having raised $13m from investors including e-commerce firm Alibaba.
Venture capital firm New Enterprise Associates (NEA) led the round’s $20m first tranche in April 2018, investing alongside VC fund manager MIG, and Konux has revealed that the updated round also features VC firm Upbeat Ventures.
Konux has developed internet-of-things sensors that are mounted to railways to monitor and analyse the health of the infrastructure, using artificial intelligence (AI) technology to determine when maintenance is required on the components.
The company will invest the series B capital in further developing its product as it prepares to expand its platform into international markets, beginning with China. It has now raised more than $50m in total.
Andreas Kunze, co-founder and chief executive of Konux, said: “China is the world’s largest and fastest growing railway market and thus crucial for us.
“We are also delighted with the continued support of our existing investors as we implement our strategy to build a world-class AI company out of Europe.”
Konux closed its series A round at $16m in April 2017 having closed a $9m expansion led by NEA. The round also included MIG, Upbeat Ventures and UnternehmerTUM, as well as angel investors Andy Bechtolsheim, Michael Baum, Warren Weiss and Lothar Stein.