Oxford-based Lumai has raised over $10 million in funding led by Constructor Capital, with participation from IP Group, PhotonVentures, and Journey Ventures.
- Founded in 2022 by Tim Weil, Xianxin Guo, Alex Lovsky, Thomas Barrett, and James Spall, Lumai is a University of Oxford spinout.
- It is focused on developing optical computing technology to enhance AI performance. Moving beyond traditional silicon-based GPUs and integrated photonics, its approach processes AI's core arithmetic operations using light beams travelling through 3D space.
- Lumai's innovation significantly reduces power consumption and operational costs, offering a more efficient solution for AI processing.
"The future of AI demands radical breakthroughs in computing. Lumai’s innovative optical computing design overcomes the scalability challenges that have held others back and dramatically reduces power consumption, which will drive down the cost of AI," CEO and co-founder at Lumai, Tim Weil, stated.
Details of the deal
- The investment was led by Constructor Capital, a global venture capital fund focused on early-stage startups in software and deep technology.
"We need more efficient, faster energy sources for the next generation of humanity’s neocortex: Artificial General Intelligence. Photons are the only known choice. Lumai’s technology is a significant step forward in improving matrix multiplication, similar to the advancements quantum computers offer for other computational scenarios," claims Dr. Serg Bell, founder and Chairman of Constructor Capital.
- The funding round was also supported by existing investor IP Group, alongside new investors PhotonVentures, Journey Ventures, LIFTT, Qubits Ventures, State Farm Ventures, and TIS Inc.
- Lumai will use the funding to accelerate product development, expand its US presence, and double its team, scaling its optical AI technology for more efficient and sustainable computing.
