Indiana Startup Lumavate, That Gives Products A Voice, Raises $2 Million Dollars
Lumavate, an innovative SaaS startup based in Carmel Indiana, just closed a $2 million dollar funding round. The company gives products a voice starting at the earliest point in the product life cycle. Through NFC, QR Code, Text, or web, Lumavate aims to bring every available piece of product information to the product team, company and the customer.
Product end users can easily get access to safety information, product manuals and how to videos, via the Lumavate app. Then they can share that information with other users of that same product, the company or even a friend. Lumavate also helps give products a voice by using a combination of tools and technology to let users know when products need service or to renew parts.
At every intersection where a product could need a voice, Lumavate can be there.
Last week the company announced another $2 million dollars in funding led by Indianapolis based tech entrepreneur Don Brown. Brown is one of Indiana’s most prolific tech entrepreneurs and investors. He recently sold one of his companies, Interactive Intelligence for $1.5 billion dollars. He’s also been a driving force mentoring, inspiring and investing in startups from the region.
Elevate Ventures, Allos Ventures, 4G Ventures, Collina Ventures, John True from St. Louis’ Cultivation Capital, and several private investors participated in the deal.
“We are thrilled to have a tech visionary like Don Brown and new participation from great local venture firms like Elevate Ventures and Allos Ventures as partners in this journey,” said Paul McGrath, CEO of Lumavate. “We’re starting to see real momentum in the market, and support like this will take us to the next level. John True joining our Board is a real bonus for us as well. He’s held senior executive positions at companies like PTC, Ariba (acquired by SAP), Equallogic (acquired by Dell) and Guidewire. He’s currently a Board member of several other high growth technology companies across the country, so he’ll be invaluable to us as we look to scale Lumavate and make critical decisions along the way,” added McGrath.
Tech visionary Don Brown immediately understood the business challenge that Lumavate addresses. “Lumavate is enabling manufacturers to provide real value to customers through a unique, mobile channel. I’m excited about their early success and growth potential,” said Brown. Brown is arguably Indianapolis’ most famous entrepreneur, and recently founded a new biotech company called LifeOmic. His last company, Interactive Intelligence, was recently acquired for $1.4 billion by California company Genesys.
“Manufacturers today are looking to engage their customers and end users in a more effective, meaningful way,” said McGrath. “Lumavate provides a unique, controlled channel that allows manufacturers to maximize additional revenue throughout a product’s lifecycle and also reduce operating and support costs along the way. Our customers are using this channel in a variety of ways, from aiding in their sales efforts to capturing aftermarket revenue opportunities. There is also tremendous potential to become an innovative leader in the emerging market of customer experience within the sphere of the Internet of Things.”
“Lumavate has an attractive, compelling product set that improves customer engagements for more meaningful and stickier relationships,” said Chris LaMothe, Chief Executive Officer of Elevate Ventures. “We look forward to building a strong partnership with the Lumavate team and supporting their endeavor to become an innovative leader in this emerging market.”