German IoT startup KINEXON gets a €15M loan to expand globally
Munich-based hardware and software developer KINEXON has got a €15M venture debt loan from European Investment Bank. The transaction is supported by the European Fund for Strategic Investments, stays in the startup’s press release.
KINEXON’s expertise is in sensor network development, edge computing and real-time process automation. Its real-time localisation technological solutions are used in production and logistics, as well as in professional sports enabling in-depth performance analytics, injury prevention and fan engagement. According to the Tech.eu media, KINEXON serves more than 100 sports teams and leagues worldwide, including over 75% of NBA teams in the US.
A few weeks after the first COVID-19 lockdown in Germany KINEXON also launched B2B SafeZone, a contact tracing app that relies on SafeTag sensors to warn users if they are below the physical distance recommended to prevent coronavirus infection.
“Europe is in pole position to shape the future of IoT. With our real-time operating system, we want to play a leading role in connecting these ”things” and making them interact in a fully automated way,” Oliver Trinchera, co-founder and managing director of KINEXON, maintained.
The startup wrote that the loan will help it to expand in Europe, the US and Asia, and support the development of new products including enhanced data analytics and artificial intelligence.