MUNICH – An AI and machine learning startup has raised more than €2 million in pre-seed financing to support its goal to redefine how PCBs are brought from an idea to market. The company, Luminovo, drew support from venture capital firms Cherry Ventures and La Famiglia, and said the funds will primarily go toward product development and hiring.
Luminovo founders Timon Ruban and Sebastian Schaal and the company’s staff have worked on more than 30 artificial intelligence products for some 20 customers. Luminovo’s staff are now working on simplifying and accelerating the processes of electronics development and manufacturing preparation.
“Sebastian and Timon are a unique team of founders, as both not only have outstanding technical skills, but also a very strong commercial understanding,” said Katharina Wilhelm, investor at Cherry Ventures. “We were quickly convinced by Luminovo’s vision, since processes in the electrical industry have changed little in recent decades, and we see great potential for supporting software in this area. An impending recession could force the industry to rethink and, in this case, even accelerate the adoption of new technologies that make collaboration more efficient and cost-effective.”
“We are convinced Luminovo will play a central role in the future of rethinking the electronics industry,” said Judith Dada, partner at La Famiglia. “Germany has built strong companies in this field over decades, and we are excited this spirit of innovation and entrepreneurship will now be carried over into the next generation, supported by AI.”
In addition to developing new solutions in the field of electronics development and manufacturing, the startup will use the new capital to grow its team and to acquire new pilot customers. Luminovo’s goal is to build the world’s leading electronics engineering operating system.