Lumotive, a Redmond, WA-based startup, is focused on programmable optics. Now, they have really done it, closing a Series B funding round at $59 million! Lumotive, formed in 2018, has quickly become a leader in the cutting-edge field of lidar technology. To support these plans, the company aims to increase its sales and marketing capabilities while doubling down on investment in additional R&D.
This latest funding round comes on the heels of an $45 million initial closure in February. To gain new investors, Lumotive reopened its Series B round. Among these new backers, Amazon—through its Amazon Industrial Innovation Fund—and ITHCA Group, the tech investment arm of Oman’s sovereign wealth fund. To date, Lumotive has raised $100M+ of venture capital. This impressive investment is a great testament to the strong confidence investors have in its technology and market potential.
Sam Heidari, CEO of Lumotive, said the interest in participating in the funding round was much larger than the company had anticipated. He emphasized the importance of Amazon as an investor, stating, “Amazon, it has a lot of strategic value for us.” This new round of funding provides Lumotive the capital required to scale its business. It further bolsters Lumotive’s position in the competitive, rapidly emerging world of programmable optics.
Lumotive started commercial sales of its revolutionary chips earlier this year, a major accomplishment for any startup. Now, with the new fuel of its Series B round victory, Lumotive is looking to expand on that already rapid growth curve. That new investment will enable the nine-person startup to increase its sales and marketing efforts. As important, they will help the team focus more investment toward research and development priorities.
Heidari described the advancements in Lumotive’s technology, saying, “It is a paradigm shift of being able to manipulate the light electronically.” This development puts Lumotive on the cutting edge of the emerging programmable optics industry. It is opening a new world of applications, from self-driving cars to advanced photographic instruments.
Even with all this accelerating growth and demand, Lumotive has intentionally kept its list of customers for the technology lean and laser focused. This strategy enables the startup to deliver customized solutions and build deep partnerships with each of its enterprise clients.
It’s no longer a science project,” Heidari claimed, pointing to Lumotive’s move from development to commercialization. The company’s smart moves and recent investment capital will power its next wave of expansion. With this decision, it clearly demonstrates its deeper commitment to innovation in the optics industry.
