LUMINOVO RAISES €11 MILLION IN SEED ROUND
Luminovo, the AI-powered software suite helping electronics leaders bring vital innovations to market faster, cheaper and more sustainably – has raised €11 million in a seed round led by Chalfen Ventures with participation by Tencent, Verve Ventures and Khadjavi Capital Partners, as well as existing investors La Famiglia and Cherry Ventures.
Launched in 2020 and led by Munich-based Stanford alumni Sebastian Schaal and Timon Ruban, Luminovo is the world’s first end-to-end cloud-based software suite built to help fuel technological progress through the improvement of hardware development on a global scale.
From critical medical devices to electric car modules, smart gadgets that make our lives easier and everything in between, there is currently a disconnect between the advancements being built in labs and R&D departments, and these often life-changing advancements making it to market. In the case of medical devices, it can take up to seven years for a breakthrough to reach patients, and this can often be too late for millions of people and their loved ones.
This disconnect comes from the fact that the current systems that manage the global product chain are broken, shrouded in bureaucracy, fragmented and siloed. This creates years of delays, not to mention billions in avoidable costs, and high environmental burdens. The overwhelming growth of electronics e-waste, alone, is set to reach 7.47m tonnes annually by 2030.
Luminovo’s unified data model and modular software suite has been designed to fix this. It streamlines, accelerates and democratises the electronics development process which in turn helps reduce time to market, increase revenue, productivity and profitability, and fuels technological progress.
Transforming the electronics value chain
For electronics manufacturers (EMS), Luminovo’s software brings together and reorganises the quoting process – including material and production costing – in one cloud-based tool, replacing the need for different on-premise methods. By bringing the whole workflow together and connecting customers and suppliers, Luminovo automates many repetitive, manual parts of the process and allows manufacturers to focus on the more complex steps that need collaboration.
PCB manufacturers use Luminovo to bring together the visualisation, analysis and adoption of PCBs in one workflow, decreasing quoting time and increasing efficiency. The suite also benefits original equipment manufacturers (OEMs) – Luminovo gives users relevant component information (lifecycle, availability, lead time, price and compliance of parts) in real-time and before prototypes are built and money is invested. This minimises the risk of re-designs on the way to production and the risk of shortages throughout the product lifecycle.
By uniting processes and connecting project data in one tool, the Luminovo software suite simplifies and improves communication between experts from engineering, procurement, sales, value chain management and others. Together, these features combine to cut the time and cost to market in half and help reduce the environmental burden of bringing products to market.
Driving forward the $5 trillion electronics industry
The advent of automation and the move to the cloud in the early 2000s led to the creation of the $43 billion DevOps market. Similarly, Luminovo is working on providing a comparable solution to the trillion-dollar electronics industry. As the only cloud-native system that is covering this value chain from end to end, it has a unique opportunity to transform processes for all stakeholders, making electronics design more resilient while ensuring production is more cost-effective across the entire ecosystem.
Luminovo has raised €11m in seed funding to finance this transformation of the electronics industry. It will use this funding to accelerate product development and broaden its scope to encompass more of the value chain as well as grow its product engineering and revenue teams.
Luminovo Raises €11 Million In Seed Round. Congratulations to the entire team. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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