Luminovo receives eleven million euros

The Munich-based startup has developed an AI-powered software suite to help electronics companies bring key innovations to market faster, cheaper and more sustainably.

Munich-based startup Luminovo has raised eleven million euros in a seed funding round. Chalfen Ventures led the round, while Tencent, Verve Ventures and Khadjavi Capital Partners, as well as existing investors La Famiglia and Cherry Ventures, also added money.

Sebastian Schaal and Timon Ruban founded Luminovo 2020. The startup says it delivers the world's first cloud-based end-to-end software suite designed to drive technological progress by improving hardware development on a global scale. The startup's system is said to significantly speed up the electronics development process and help new technologies reach the market faster. That could save developers money.

"We've made it our mission to rethink the entire electronics value chain to make it more efficient, effective and impactful," Schaal says. To that end, the software consolidates and reorganizes the quoting process - including material and production costing - into one cloud-based tool. According to the startup, PCB manufacturers, for example, rely on the software. It helps them combine visualization, analysis and approval of PCBs into one workflow, reducing quoting time and increasing efficiency, it says.

"Complex, process-driven industries are ripe for change, but it often seems too difficult for people in these industries to make a difference. Luminovo has developed products that are easy to adopt and deliver value quickly," said Mike Chalfen of Chalfen Ventures, explaining the investment decision.