Alibaba have joined a $13m investment round raised by the Munich-based internet of things (IoT) startup KONUX. These featured contributions are from Alibaba’s investment arm and businesses including New Enterprise Associates (NEA), Upbeat Ventures, and MIG AG. The financial injection accounts for a total of $33m (£25m).
The company integrates smart systems and artificial intelligence (AI) analytics to analyse data. Alibaba haven’t commented on their investment but it appears that with their financial help KONUX aims to grow in China.
“This new investment […] will give us even more financial exposure to further expand our product portfolio and accelerate our international market expansion, including our expansion into China. China is the largest and fastest-growing railway market in the world, and thus a key market for us…”
– Andreas Kunze, co-founder and chief executive officer, KONUX
