Munich-based Luminovo is the first software suite built end-to-end for the electronics industry. It was developed by a software company called Luminovo, which received €11 million in seed funding.
The funding round was led by Chalfen Ventures, which also invested in Opply and Amenitiz. Additional investors in the round included Tencent, Verve Ventures, Khadjavi Capital Partners and Cherry Ventures.
To meet the funding’s goals, Luminovo plans to improve electronics industry transformation through the use of their funding. By using this funding to create a larger product development team and revenue department, Luminovo plans to accelerate their product development and increase the scope of their products.
Founder Sebastian Schaal stated that the company’s mission is to rethink entire electronics value chains to make them more efficient, effective and significant. He added that the startup is thrilled to have the support of Chalfen, Tencent and Verve, as well as the support of stellar investors who invested in the company already.
Luminovo founder Timon Ruban stated that the electronics industry is in desperate need of technological solutions. Over 50 companies are currently using Luminovo to create these solutions. These include industrial, healthcare, energy, and other important sectors. Although the industry has just begun to change, there is still much work to be done.
Mike Chalfen, the CEO of Chalfen Ventures, stated that Luminovo’s products are easy to adopt and provide value fast. Apparently, this makes customers resistant to the software. However, Chalfen believes that resistance is fading and Luminovo is already making a big difference for the electronics industry. This is because of the software company’s ambitious vision coupled with their impressive products. This is why he decided to support Sebastian and Timon in their crowdfunding effort.
Tencent’s Dr. Ling Ge, the Chief European Representative and General Manager of the company, stated that the electronics industry grows at an astonishing rate. Suppliers and manufacturers across the value chain need software that can keep them in constant communication with their partners. Luminovo provides this software and we’re delighted to invest in the company as it transforms the industry.
Christian Meermann is a founding partner at Cherry Ventures, which is the venture capital firm of choice for Luminovo. His statement regarding the electronics industry was made in an article written by Timon, the author of the article. Christian Meermann stated that the old-school methods of communication in the electronics industry cause many problems. In addition to that, these communication methods are not scalable or productive. There are only a few software companies in the world that are able to solve this problem. But, when Timon, Sebastian, and the Luminovo team announced their plans, only they were able to do so. After leading Luminovo’s pre-seed round, Cherry Ventures continued to support the team.
AI-powered platform for electronics industry
After attending college in Munich and Zurich, ETH and TUM electrical engineering students Timon Ruban and Sebastian Schaal founded the company in 2020. During their undergraduate and graduate school years, they studied at Stanford and built software products fueled by artificial intelligence.
The software connects all parts of the hardware chain, including hardware and software, to save time and money. It’s the only software that integrates AI into its functions, which reduce environmental impact and automate time-consuming tasks. Additionally, it provides partners with more visibility over the process and reduces the amount of manual labor involved.
