EIT Digital Accelerator alumnus KONUX raises $16M Series A Funding
The EIT Community congratulates Munich-based scale-up and EIT Digital Accelerator alumnus KONUX on raising another USD 9 million.
This round was the third and final of their Series A financing, bringing the total raised to USD16 million. KONUX offers a smart sensor solution for industrial Internet of Things (IIoT) applications and intelligently networked systems.
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The IIoT scale-up joined the EIT Digital Accelerator in 2014 after winning the first prize of the Idea Challenge startup contest in the Cyber-Physical Systems category that included a EUR 40,000 cash prize. Within the EIT Digital Accelerator, KONUX benefited from sales training across Europe and expanded their network in the US through the business development team at EIT Digital's Silicon Valley hub.
KONUX has recently achieved several important milestones, including the start of its work with Deutsche Bahn (DB), Europe's largest rail operator. The company has also begun its successful expansion into further European markets. The KONUX founders were also listed on this year's Forbes "Industry 30 Under 30 Europe" list.
'The EIT Digital Accelerator alumnus KONUX is an excellent proof that European high-tech digital ventures are able to quickly scale up. Scaleups are real generators of growth and jobs and will greatly benefit the European economy in the future. Scaling up European ventures is at the core of our EIT Digital Accelerator programme', said Willem Jonker, CEO EIT Digital.