Lumotive, a Redmond, Washington-based company specializing in programmable optical semiconductors, has raised $45 million in a Series B funding round. The investment aims to accelerate the commercialization of its Light Control Metasurface technology, which digitally steers light for 3D sensing applications across various industries.
The funding round was led by Gates Frontier, an investment arm associated with Bill Gates, and MetaVC Partners. Other participants included Swisscom Ventures, East Bridge Capital, EDOM Technology, Grazia Equity, Hokuyo Automatic Co., and TSVC. This diverse group of investors reflects a strong confidence in Lumotive’s innovative approach to optical semiconductor solutions.
Founded in 2018, Lumotive has developed LCM technology that manipulates light at a sub-micron level, enabling precise and rapid beam steering without moving parts. This advancement offers significant improvements over traditional mechanical LiDAR systems, providing enhanced performance, durability, and cost-effectiveness. The company’s chips are currently utilized in industrial robotics and are poised to expand into automotive and consumer electronics markets.
Despite the current venture capital focus on artificial intelligence hardware, Lumotive’s CEO, Sam Heidari, acknowledged the challenges in attracting investment for deep-tech companies. He noted that such technologies require specialized knowledge, which can limit the pool of potential investors. However, with the successful completion of this funding round, Lumotive plans to demonstrate market adoption and revenue growth, aiming to broaden investor interest in the future.
The company began generating revenue last year and anticipates reaching double-digit millions in revenue this year. This financial growth is indicative of the increasing demand for advanced 3D sensing solutions in various sectors. Lumotive’s LCM technology is particularly suited for applications requiring precise object tracking and navigation, such as factory automation and service robotics.
The U.S. government’s initiatives to enhance domestic manufacturing capabilities may further boost interest in hardware startups like Lumotive. Efforts to strengthen onshore manufacturing and national technology leadership could create favorable conditions for strategic investments in companies developing cutting-edge semiconductor technologies.
Conrad Burke, Managing Partner at MetaVC Partners, expressed enthusiasm for Lumotive’s progress, highlighting the company’s technological advancements and market traction. He emphasized that the funding round represents a significant milestone in Lumotive’s growth trajectory, enabling the company to expand its market presence and product offerings.
Lumotive’s LCM technology has garnered industry recognition, including being named Fast Company’s Next Big Thing in Tech and receiving multiple CES Innovation Awards. These accolades underscore the company’s commitment to innovation and its potential to revolutionize 3D sensing and perception across various industries.
