Lumavate Raises $2M in Series Seed Funding Round
by Stephanie Cox | Last Updated: Mar 3, 2017
by Stephanie Cox | Last Updated: Mar 3, 2017
CARMEL, Ind.–(BUSINESS WIRE)–Lumavate LLC announced today that it has raised an additional $2 million in capital, led by Indianapolis-based tech entrepreneur Don Brown. Other notable participants include Elevate Ventures and Allos Ventures, continued participation from 4G Ventures and Collina Ventures, and several private investors. Lumavate will use the funding from this round to scale sales and marketing efforts and increase product development efforts around the unique opportunity for customer experience solutions related to the Internet of Things (IoT). Lumavate also announced today that technology veteran John True has joined the Lumavate Board of Managers.
“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.”
About Lumavate Lumavate’s intelligent SaaS platform makes it easy to connect products and end-users at key moments in a product’s lifecycle. Combining the simplicity of smart packaging with the sophistication of IoT, Lumavate bridges the gap in Customer Experience by creating a new, captive channel that companies own and control – enabling them to monetize their IoT strategy and unlock new revenue streams to accelerate their growth. To learn more about Lumavate, visit www.lumavate.com
About Don Brown Honored as a “trailblazer in technology” at the TechPoint’s 2013 Mira Awards, the “serial entrepreneur” has founded two of the most successful Indiana technology companies to date: Software Artistry (purchased by IBM in 1997) and Interactive Intelligence (purchased by California tech firm Genesys in 2016). Brown currently serves as Founder/CEO of LifeOmic (www.lifeomic.com).
About Elevate Ventures Elevate Ventures nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis, and robust advisory services that connect companies with the right mix of resources businesses need to succeed long term. The company’s impressive portfolio includes early contributions to local tech companies, such as ClearObject (formerly CloudOne), Blue Pillar, Springbuk and Bolstra. To learn more about Elevate Ventures, its team, and its funds under management, visit www.elevateventures.com.
About Allos Ventures Allos Ventures (www.allosventures.com) invests in early-stage technology companies in the Midwest, augmenting the capital provided by angel investors who have helped the companies reach a stage at which they are ready for their first institutional financing round. Allos’ principals believe in the benefits of a “hands-on” approach to venture capital investing, which allows the firm’s partner companies to leverage their business-building skills and resources, as well as those of the firm’s investors, many of whom are successful entrepreneurs.