Luminovo, a Munich, Germany-based provider of an AI-powered software suite for electronics leaders to bring their new solutions to market, raised €11m in seed funding.
The round was led by Chalfen Ventures with participation from Tencent, Verve Ventures and Khadjavi Capital Partners, as well as existing investors La Famiglia and Cherry Ventures.
The company will use the 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.
Launched in 2020 and led by Munich-based Stanford alumni Sebastian Schaal and Timon Ruban, Luminovo provides a cloud-based software suite built to help accelerate technological progress through the improvement of hardware development on a global scale. The suite connects every stage of the electronics value chain to make it faster, cheaper and more sustainable to bring often critical and vital devices to market. The company’s solutions connect and unlock current, siloed processes in a way that improves real-time collaboration, prevents mistakes – which can lead to billions of electronic waste – and enables productivity gains. This allows its partners to focus on bringing new products in the industrial, healthcare, automotive and energy sectors to market.