Luminovo Raises €11M in Seed Funding EMSNow

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Luminovo Raises €11M in Seed Funding to Fix Broken Electronics Value Chain with Transformative Software Suite

  • Luminovo is the world’s first cloud software suite that connects every step of the electronics value chain to make it faster, cheaper and more sustainable to bring often critical and life-saving devices to market.
  • Luminovo’s solutions connect and unlock today’s siled processes in a way that improves real-time collaboration, prevents errors – which can lead to billions of electronic wastes – and enables productivity gains.
  • This allows its partners to focus on bringing life-changing products to market in the industrial, healthcare, automotive and energy sectors.
  • Luminovo has raised a funding round from Chalfen Ventures, Tencent, Verve Ventures and others to develop its software and transform the $5 trillion electronics industry

Munich, Luminovo – the AI-powered software suite that helps electronics leaders bring life-saving innovations to market faster, cheaper and more sustainably – raised €11 million in a funding round led by Chalfen Ventures with participation from Tencent, Verve Ventures and Khadjavi Capital Partners, as well as existing investors La Famiglia and Cherry Ventures.

Launched in 2020 and led by Munich-based Stanford alumni Sebastian Schaal and Timon Ruban, Luminovo is the world’s first end-to-end cloud software suite designed to help fuel technological progress through improved hardware development at worldwide.

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. In the case of medical devices, it can take up to seven years for a breakthrough to reach patients, and it can often be too late for millions of people and their loved ones.

This disconnect stems 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.

Luminovo’s unified data model and modular software suite were designed to solve this problem. It streamlines, accelerates and democratizes the electronics development process which, in turn, helps reduce time to market, increase revenue, productivity and profitability, and fuels technological progress.

Transforming the electronics value chain

For electronics manufacturers (EMS), Luminovo’s software consolidates and reorganizes the quoting process – including material and production cost – into a single cloud-based tool, replacing the need for different on-site methods . By bringing the entire workflow together and connecting customers and suppliers, Luminovo automates many repetitive and manual parts of the process and allows manufacturers to focus on the more complex steps that require collaboration.

PCB manufacturers use Luminovo to consolidate PCB visualization, analysis, and adoption into a single workflow, reducing quote time and increasing efficiency. The suite also benefits original equipment manufacturers (OEMs) – Luminovo provides users with relevant component information (life cycle, availability, lead time, price and parts compliance) in real time and before prototypes are released. are built and the money is invested. This minimizes the risk of re-design on the way to production and the risk of shortage throughout the product life cycle.

By unifying processes and connecting project data in a single tool, the Luminovo software suite simplifies and improves communication between experts in engineering, procurement, sales, value chain management and others. Together, these features combine to halve the time and cost to market and help reduce the environmental burden of bringing products to market.

Advancing the $5 Trillion Electronics Industry

The advent of automation and the move to the cloud in the early 2000s led to the creation of the $43 billion DevOps market. Likewise, Luminovo strives to provide a comparable solution to the trillion-dollar electronics industry. As the only cloud-native system spanning this end-to-end value chain, it offers a unique opportunity to transform processes for all stakeholders, making electronics design more resilient while ensuring more cost-effective production across the board. the ecosystem.

Luminovo has raised 11 million euros in seed funding to finance this transformation of the electronics industry. It will use this funding to accelerate product development and expand its reach to encompass more of the value chain, as well as grow its product engineering and revenue teams.

Sebastian Schaal, founder of Luminovo:

“We are on a mission to rethink the entire electronics value chain to make it more efficient, effective and impactful. It’s infuriating that the makers and designers who build 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. We are committed to having a lasting positive impact on this industry with Luminovo and are thrilled to have the support of Chalfen, Tencent and Verve as well as our existing group of stellar investors on this journey with us.

Timon Ruban, founder of Luminovo:

“It has been an incredible few years to build Luminovo and we are already seeing the positive impact this tool is having on the electronics industry with over 50 customers building products that will be used in important sectors like industrial, healthcare , 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. This is an exciting time for Luminovo and we look forward to scaling the business with the help of our remarkable investors.

Mike Halfen, founder of Halfen Ventures:

“Complex process-driven industries are ripe for transformation, but it often seems too difficult for the people within them to effect 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. It’s compelling when combined with his grand vision. This combination is why I wanted to support Sebastian and Timon. I sincerely believe that Luminovo will become the defining software product for the electronics industry and I look forward to working closely with Sebastian and Timon to help them fully realize their vision.

Dr. Ling Ge, Chief European Representative and General Manager of Tencent:

“The electronics industry is growing at an amazing rate. Suppliers and manufacturers across the value chain need industry-focused software that can enable them to make faster, more informed decisions and stay in constant communication with their partners. Luminovo provides this solution and we are excited to invest in the company as it strives to transform this industry. »

Christian Meermann, founding partner of Cherry Ventures:

“The electronics industry plays a vital role in promoting global technological developments. Yet it’s incredibly complex and relies heavily on old-fashioned communication methods and more at the cost of productivity and scalability. Timon, Sebastian and the team are the only ones to solve this problem with a modern and complete software suite. After leading Luminovo’s pre-seed round, we’re proud to continue supporting this fantastic team as it grows.

About Luminovo:

Luminovo is the world’s first end-to-end software suite designed for the electronics industry. The suite digitally connects stakeholders and data silos to enable intelligent automation and real-time collaboration. By integrating with every step of the value chain, Luminovo reduces the time and resources needed to go from idea to market-ready electronic product. Founded in 2020, Luminovo’s investors include Chalfen Ventures, Tencent, Verve Ventures, La Famiglia and Cherry Ventures. luminovo.ai

About Halfen Ventures:

Halfen Ventures is mike halfen‘s venture capital firm. Mike supports software startups aiming to grow and dominate new, often unusual markets. He has supported companies such as King, Lokalise, Tipalti, Tray.io and Snyk. Investing from Day 1 to Series A, Chalfen Ventures often leads the rounds, but is always flexible. Mike operates as a solo VC, with no distractions from working closely with the entrepreneurs who have chosen him. halfenventures.com

About Tencent:

Tencent uses technology to enrich people’s lives. Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives easier. Our targeted advertising service helps advertisers reach hundreds of millions of consumers in China. Our FinTech and business services support the growth of our partners’ activities and support their digital upscaling. Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China in 1998. Tencent shares (00700.HK) are listed on the main board of the Hong Kong Stock Exchange. tencent.com

About Cherry Ventures:

Cherry Ventures is an early-stage venture capital firm led by a team of entrepreneurs experienced in building fast-growing businesses such as Zalando and Spotify. The company backs Europe’s boldest founders, typically as early stage institutional investors, and supports them in everything from their go-to-market strategy to scaling their businesses. Cherry Ventures has already invested in the seed stage of more than 90 companies across Europe, including FlixBus, Auto1 Group, Flaschenpost, Infarm, Rows, Forto, SellerX, Juni and Flink. Cherry Ventures is based in Berlin and invests across Europe with operations in London and Stockholm. cherry.vc

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