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Munich-based Luminovo snaps €11M for its AI platform to transform electronics industry

Luminovo founders
Image credits: Luminovo

Munich-based Luminovo, the world’s first end-to-end software suite built for the electronics industry, has scored €11 million in seed funding. The investment round was led by Chalfen Ventures (that backed Amenitiz and Opply) alongside participation from Tencent, Verve Ventures and Khadjavi Capital Partners, as well as existing investors La Famiglia and Cherry Ventures.

Eyes to transform electronics industry

The funding will be used to finance the transformation of the electronics industry. Luminovo will use this funding to accelerate its product development and broaden its scope to encompass more of the value chain as well as grow its product engineering and revenue teams.

Sebastian Schaal, founder of Luminovo, said: “We’re on a mission to rethink the entire electronics value chain to make it more efficient, effective and impactful. We’re committed to having a lasting positive impact on this industry with Luminovo and we’re 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, said: “It’s been an incredible few years building Luminovo and already we’re seeing the positive impact this tool is having across the electronics industry with over 50 customers who are building products that will be used in important sectors like industrial, healthcare, energy and others. But there’s still so much to do to transform this industry and enable manufacturers and developers to focus on creating technological solutions to the world’s biggest problems.”

Mike Chalfen, founder of Chalfen Ventures, said: “Luminovo has designed products that are easy to adopt and deliver value fast, and is overcoming that resistance, and is already making a big difference to its customers across the electronics industry. That is compelling when combined with its big vision. That combination is why I wanted to back Sebastian and Timon. I truly 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 achieve their vision fully.”

Dr Ling Ge, Chief European Representative and General Manager at Tencent, said: “The electronics industry is growing at an astonishing rate. Suppliers and manufacturers across the value chain need industry-focused software that can enable them to make faster and more informed decisions and stay in constant communication with their partners. Luminovo is providing that solution and we’re thrilled to be investing in the company as it works to transform this industry.”

Christian Meermann, founding partner at Cherry Ventures, said: “The electronics industry plays an integral role in driving forward global technological developments. Yet it’s incredibly complex and much of it still relies on old-school communication methods and more – all at the expense of productivity and scalability. Timon, Sebastian and the team are the only ones cracking this problem with an all-encompassing modern software suite. After leading Luminovo’s pre-seed round, we’re proud to continue backing this fantastic team as they scale.”

AI-powered platform for electronics industry

Luminovo is the brainchild of Timon Ruban and Sebastian Schaal. They founded the company in 2020 in Munich after their undergraduate studies in electrical engineering at TUM and ETH and their graduate studies in Stanford to discover their passion for building software products, fueled with artificial intelligence.

It has developed the only AI-powered software that connects all parts of the hardware chain together to save time and money. It does this in a number of ways, including giving all partners more visibility over the processes, automating many of the manual and repetitive tasks that slow things down, and reducing the environmental impact at every stage of the journey.

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