Luminovo lights up with 11 million euros to accelerate the marketing of innovations
From critical medical devices to electric car modules, to smart gadgets that make our lives easier and everything in between, there is currently a disconnect between the advances being built in labs and R&D departments, and those advances often disruptive that come to market.
The disconnect comes from the fact that the current systems that manage the global product chain are broken, wrapped 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 e-waste alone is expected to reach 7.47 million tonnes per year by 2030.
Founded in 2020 by Sebastien Schaal and Drawbar RibbonMunich-based AI-based software suite Luminovo works to deliver a solution to the trillion-dollar electronics industry. The startup helps electronics leaders bring life-saving innovations to market faster and at lower cost. In doing so, he brought in €11m in a seed round. The funding will fuel technological advancement through improved hardware development globally.
Luminovo’s unified data model streamlines and democratizes the electronics development process, helping to reduce time to market, increase revenue, productivity and profitability, and fuel technological progress.
The investment was led by Halfen Companies with the participation of Tencent, Verve Ventures and Khadjavi Capital Partners and existing investors The Family and Cherry Ventures. The company previously raised more than €2.5 million in funding in 2021 for its electronic operating system.
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 makers and designers who create the products that will change the world are completely dependent on Excel spreadsheets and 20th century communication tools to get their projects from concept to production.
Timon Ruban, co-founder of Luminovo, added, “It’s been an amazing few years building Luminovo and we’re already seeing the positive impact this tool is having on the electronics industry with over 50 customers building products that will used in important sectors such as industry, health, energy and others. But there is still so much to do to transform this industry and allow manufacturers and developers to focus on creating technological solutions to the world’s biggest problems.
mike halfen, founder of Chalfen Ventures, added, “Complex process-driven industries are ripe for transformation, but it often seems too difficult for the people in them to make a change. Luminovo has designed products that are easy to adopt and add value quickly, and is overcoming this resistance, and is already making a big difference for its customers in the electronics industry.