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corrux raises USD3.1m in seed funding led by Target Partners

corrux has raised USD3.1 million of seed financing in a funding round led by German venture capital firm Target Partners, with additional participation from Josef Brunner (CEO, relayr) and US venture investor Sean Dalton.

corrux develops 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 centred 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 optimising maintenance cycles.
In a traditionally male-dominated industry, CEO Tönnies 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,” she says.
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,” says 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.

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