Kinexon GmbH, a startup helping companies collect and analyze data generated by their “internet of things” devices, today announced that it has raised $130 million in funding.

Private equity firm Thomas H. Lee Partners led the funding round. The venture capital arm of BMW AG and Deutsche Telekom AG participated as well.

Enterprises are deploying a growing number of IoT devices as part of their digital transformation initiatives to improve operational efficiency. A manufacturer, for example, might install sensors in its production equipment to detect malfunctions. Online retailers are increasingly deploying robots at their fulfillment centers to automate tasks such as tracking inventory levels.

Germany-based Kinexon provides software that makes it easier to collect and process data from IoT devices. The startup also offers sensors that can be attached to systems without built-in data collection capabilities to gain operational insights. 

One of Kinexon’s main focus areas is helping companies track the location of the forklifts, industrial robots and other assets in their facilities. The startup offers a software platform called Kinexon RTLS that it says can track the location of objects in real time. The platform also collects related data, such as the rate at which an object is accelerating or decelerating. 

Kinexon RTLS can help companies increase operational efficiency in several ways, the startup says. An automaker could use the platform to map out the routes used to move materials between different parts of a manufacturing facility and find opportunities to reduce travel times. In a production line, the startup’s technology makes it possible to track important components as they’re being processed. 

The company offers Kinexon RTLS alongside a number of complementary products. The startup provides tools that help companies spot operational inefficiencies as well as manage their automated guided vehicles, the term for autonomous robots that are used to move objects between different parts of a facility. Kinexon also offers a sensor, called the X-Tag, that can be attached to objects to track their location.

The startup’s products for the industrial sector are managed by its Kinexon Industries business unit. The startup has a second division, Kinexon Sports & Media, that provides software for companies such as broadcasters. The startup’s software can be used to collect data about sport matches, generate statistics such as player speed and make the information available to consumers during broadcasts or through an app.

“Our vision is of a world in perfect flow,” said co-founder and co-Chief Executive Officer Oliver Trinchera. “Wherever assets, people or operations are in motion, we can improve and automate the underlying processes.”

Kinexon counts major industrial companies such as Siemens AG and auto parts giant Continental AG among its customers. BMW, one of the investors in the startup’s new round, is also a customer. 

The company plans to use the investment to expand its feature set and establish a presence in more markets. 

Image: Kinexon