Luminovo offers a SaaS solution to digitize and automate development processes for new electronic products. Its goal is to bring developments from laboratories and R&D departments to market faster than before. With the newly raised funds, the startup expand its product development and revenue teams and accelerate product development. Furthermore, additional areas of the value chain will be incorporated into Luminovo's solution.
Sebastian Schaal, one of the co-founders of Luminovo, explains:
"We've set ourselves the task of rethinking the entire electronics value chain to make it more efficient, effective, and impactful. It's frustrating that the manufacturers and designers who create the products that will change the world rely solely on 20th-century Excel spreadsheets and communication tools to bring their projects from concept to production."
“Luminovo will be the decisive software product for the electronics industry”
The lead investor in the now completed €11 million financing round is London-based Chalfen Ventures. Other investors include Tencent, Verve Ventures, and Khadjavi Capital Partners. Existing investors La Famiglia and Cherry Ventures are also participating in the round.
Mike Chalfen, founder of Chalfen Ventures, says:
"Complex, process-driven industries are ripe for transformation, but change often seems too difficult for people in these industries. Luminovo has developed products that are easy to implement and quickly deliver value. The company is thus overcoming these barriers and is already making a huge difference for its customers in the electronics industry. [...] I firmly believe that Luminovo will become the critical software product for the electronics industry, and I look forward to working closely with Sebastian and Timon to help them realize their vision."
Ling Ge, Chief European Representative and General Manager at Tencent, adds:
"The electronics industry is growing at an astonishing pace. Suppliers and manufacturers across the value chain need industry-focused software that enables them to make faster, more informed decisions and stay in constant contact with their partners. Luminovo offers this solution, and we are excited to invest in the company working to transform this industry."
