corrux raises $3.1 million seed funding led by Target Partners to bring AI to industrial equipment
Munich, February 11, 2019: corrux, an analytics layer for industrial equipment on job sites, raises $3.1 million of seed financing led by German venture capital firm Target Partners, with additional participation from Josef Brunner (CEO, relayr) and US venture investor Sean Dalton.
corrux develops simple, powerful applications that let users understand heavy machinery – ranging from excavators to track laying machines. The company provides construction managers and OEMs with software to monitor on-site operations and gain insights from data. A typical issue that corrux solves for its customers is the still pen-and-paper centered equipment management processes. The industry has been looking for a method to shift from a reactive to a preventive approach for years. With corrux, founders Ryan Henderson and Laura Tönnies are developing software which tracks and manages equipment in real-time, decreasing costly downtime and optimizing maintenance cycles.
In a traditionally male-dominated industry, CEO Laura is working closely with end-users to create a cross-OEM solution. Coming from a family of civil engineers and construction contractors herself, Laura understands the key challenges of the sector. “We are bringing an end-to-end solution into an industrial market that currently deals with fragmentation in all stages of the life cycle”.
Today, there is no viable solution to identify usage patterns across a construction company’s diverse fleet. “We see a clear mismatch between the significance of heavy machinery on project delays and the amount of data-enabled decisions in controlling and maintaining these assets”, said Michael Münnix, Partner at Target Partners. “This represents a largely untapped market opportunity and corrux with its outstanding founding team is uniquely positioned. We’re excited to be a part of this”.
The funding will be used to increase their footprint in Europe and the US. corrux is building out its scalable platform to transparently monitor equipment performance even in complex environments such as tunnels, railways, and underground mining, and across various vendors.
corrux builds software that enables enterprises to maximize the efficiency of industrial equipment. The company’s analytics layer lets construction companies and OEMs understand their heavy machinery – ranging from excavators to track laying machines. With corrux, job site operations are monitored in real-time to gain insight from data. corrux uses AI to distill the most urgent and actionable measurements and alerts, so that action is taken before failure occurs. Learn more at www.corrux.io.
About Target Partners
With €300 million under management, Target Partners is one of the leading early-stage venture capital firms in Germany. Target Partners invests in seed and early-stage technology companies and supports them with venture capital during their build-out and expansion phases. With many years of experience as managers, entrepreneurs and venture capital investors, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising money and taking companies public in Europe and the United States. For more details: targetpartners.de and twitter.com/targetpartners.
Furter Information: targetpartners.de