Luminovo offers a SaaS solution to digitalize and automate development processes for new electronics products. Its goal is to bring developments from laboratories and R&D departments to market faster than before. With the newly acquired funds, the startup wants to expand its product development and sales teams and accelerate product development. Additionally, further areas of the value chain are to be integrated into Luminovo’s solution.
Sebastian Schaal, one of Luminovo’s co-founders, explains:
“We have set ourselves the task of rethinking the entire electronics value chain to make it more efficient, effective, and impactful. It is frustrating that manufacturers and designers who are developing the products that will change the world rely exclusively on spreadsheets and communication tools from the 20th century when implementing their projects from design to production.”
“Luminovo will become the essential software product for the electronics industry”
The lead investor in the now completed 11 million euro financing round is Chalfen Ventures from London. 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 difficult for people in these industries. Luminovo has developed products that are easy to implement and quickly deliver value. In doing so, the company overcomes these barriers and is already making a big difference for its customers in the electronics industry. […] I am convinced that Luminovo will become the essential software product for the electronics industry, and I look forward to working closely with Sebastian and Timon to support them in realizing 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 throughout the value chain need industry-specific software that enables them to make faster and more informed decisions and stay in constant contact with their partners. Luminovo provides this solution, and we are excited to invest in the company that is working to transform this industry.”
