AI Startup Luminovo: over €2 million in a pre-seed financing round with the support of Cherry Ventures and La Famiglia

Luminovo announced:

“From AI to Electronics

Over €2 Million in Pre-Seed Funding for Our New Journey

Luminovo goes Electronics! We are proud to announce that we have raised over €2 million in a pre-seed financing round with the support of Cherry Ventures and La Famiglia. In addition, we want to welcome Hanno Renner (CEO & co-founder of Personio) to the Luminovo family as our first business angel and are glad that we can continue to count on the support of Sebastian Schuon (co-founder of Alasco & Stylight), who has been with us since Day 1, and without whom Luminovo would not be the company that it is today. The new funds will be primarily used to jump-start our new product development efforts in the electronics industry and help us fill key roles for our new journey. Why the electronics industry, you may ask? Read on.

Chapter 1 — From Silicon Valley to Munich

Luminovo is the brainchild of our two founders Sebastian Schaal and Timon Ruban who met during their graduate studies at Stanford. Fun fact: they actually shared an apartment on campus and had their first brainstorming session (not yet Luminovo related) right there — including Google intern hats, Jeopardy soundtrack, and colorful stickies on the wall. After their studies, they returned to Germany to join forces and in 2017, Luminovo was born with its first mission of helping German companies solve business problems with deep learning. Fast-forward two years: We grew from two to 20 people, implemented more than 30 AI projects in the wild, and helped over 20 customers automate manual and repetitive tasks in their respective industries. As 2019 came to a close, we asked ourselves, “what’s next?”

Chapter 2 — Luminovo goes Electronics

The hunt for the answer to that question was linked to an ongoing conversation within the team about our values and our principles and the core purpose of our company: accelerating technical progress. How can we best leverage our time while pursuing that same purpose? In retrospect, the answer seemed obvious. What do autonomous cars, life-saving medical devices, and spaceships have in common? Exactly! A printed circuit board. If you have followed us closely, you might have heard us say it before–the electronics industry is the true pacemaker of technological progress and its influence is evident in every aspect of our lives.

Call us biased (both of our founders have studied electrical engineering after all), but we truly believe that if we can reduce the time and resources needed to go from an idea to a market-ready electronic circuit board, that is one of the highest leverage ventures Luminovo can pursue to bring technical innovations faster to everyone’s lives.

We have set the ambitious goal to build the world’s leading electronics engineering operating system “Made in Germany”. We are starting with tackling the interface friction between OEMs, electronics manufacturing services (EMS) and electronic component distributors. If you happen to work for an innovative EMS, know that we are looking for pilot customers. ??”

Image: Luminovo founders Timon Ruban and Sebastian Schaal © Luminovo

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