Munich, Germany-based AI-powered software suite Luminovo raised EUR 11 million in seed funding. The round took place on August 18, 2022. Chalfen Ventures led the financing for the firm. Meanwhile, Tencent, Verve Ventures and Khadjavi Capital Partners participated in the round. Existing investors such as La Famiglia and Cherry Ventures joined in the investment.
Purpose of Funding for Luminovo
The company intends to accelerate product development with the new round of proceeds. Besides, it looks forward to broadening its scope to encompass more of the value chain.
Meanwhile, Luminovo intends to grow its product engineering and revenue teams. Earlier in 2021, the company raised more than EUR 2.5 million in funding.
What the co-founders have to say
Sebastian Schaal, co-founder of Luminovo, said, We want to rethink the entire electronics value chain to make it more efficient, effective and impactful. It’s infuriating that the manufacturers and designers building the products that will change the world are wholly reliant on excel spreadsheets and 20th-century communication tools to take their projects from design to production.”
In addition, Timon Ruban, co-founder of Luminovo, said, “It’s been an incredible few years building Luminovo, and already we’re seeing the positive impact this tool is having across the electronics industry with over 50 customers who are building products that will be used in important sectors like industrial, healthcare, energy and others. But there’s still so much to do to transform this industry and enable manufacturers and developers to focus on creating technological solutions to the world’s biggest problems.”
What the investors have to say
Mike Chalfen, the founder of Chalfen Ventures, added, “Complex process-driven industries are ripe for transformation, but it often seems too hard for the people within them to make a change. Luminovo has designed products that are easy to adopt and deliver value fast. It is overcoming that resistance and is already making a big difference to its customers across the electronics industry. That is compelling when combined with its big vision. That combination is why I wanted to back Sebastian and Timon. I truly believe that Luminovo will become the defining software product for the electronics industry. I look forward to working closely with Sebastian and Timon to help them achieve their vision fully.”
Dr Ling Ge, Chief European Representative and General Manager at Tencent, said, “The electronics industry is growing at an astonishing rate. Suppliers and manufacturers across the value chain need industry-focused software that can enable them to make faster and more informed decisions and stay in constant communication with their partners. Luminovo is providing that solution, and we’re thrilled to be investing in the company as it works to transform this industry.”
Besides, Christian Meermann, founding partner at Cherry Ventures, said, “The electronics industry plays an integral role in driving forward global technological developments. Yet it’s incredibly complex and much relies on old-school communication methods and more – all at the expense of productivity and scalability. Timon, Sebastian and the team are the only ones cracking this problem with an all-encompassing modern software suite. After leading Luminovo’s pre-seed round, we’re proud to continue backing this fantastic team as they scale.”
About the company
Sebastian Sebastian Schaal and Timon Ruban launched the Munich, Germany-based company in 2020. Luminovo is a SaaS provider that develops electronic operating systems for EMS, OEMs and distributors to accelerate technological processes. The startup aids electronics leaders in bringing vital innovations to market faster and cheaper.
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