Luminal, a Maryland-based startup developing next-generation solutions for cloud operations and management, announced it has closed a $10M Series B financing round, led by New Enterprise Associates (NEA). Previous investors, including Core Capital Partners and the Maryland Venture Fund, also participated in the round. This brings Luminal’s total amount of financing to $13.8M.
“This investment led by NEA will allow us to grow our team and expand our beta customer base in advance of general availability of our product,” said Josh Stella, founder and CEO of Luminal. “We’re building solutions from first principles to tackle hard problems in computing, and the strong support we’ve received from NEA, Core Capital, the Maryland Venture Fund, and our other investors helps make that possible.”
Luminal has developed a solution to automate the deployment and operations of cloud-based systems to bring a level of control, efficiency, and security previously unattainable in cloud computing. The product initially will be available on Amazon Web Services.
"Truly unlocking the cloud opportunity requires a fundamental shift in application deployment," said Harry Weller, General Partner at NEA. "The complexity of cloud deployments is only increasing with adoption, and there is an escalating need for a cheaper, more scalable way to manage it all. Luminal is developing a radically new approach to cloud architecture that leverages ephemeral components to allow for a higher degree of automation, efficiency and security."
"It’s gratifying to invest at the ground floor in a team that has been able to remain focused on its vision and make significant technical progress over the last year," said Pascal Luck, Managing Director at Core Capital. "Over this short period we have seen an increasing market need for Luminal’s product and the recent investment will allow the Company to continue to attract ‘world class’ talent to drive the technical and business functions of the Company."
Those interested in participating in the Luminal beta can register here. For press and media inquiries, please contact us at email@example.com. Learn more about career opportunities with Luminal here.
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. With approximately $13 billion in committed capital, NEA invests in information technology, healthcare, and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 175 portfolio company IPOs and more than 300 acquisitions. For additional information, visit www.nea.com.
About Core Capital
Core Capital is a leading venture capital firm headquartered in downtown Washington, D.C., that invests in early-stage ventures and emerging growth companies developing or incorporating disruptive, “core” technologies in high-growth technology sectors such as Cyber Security, Cloud, and Data Analytics. Our focus is on teams and companies in the information technology, digital media, and technology-enabled services arenas, led by seasoned entrepreneurs. For additional information, visit www.core-capital.com.
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. For additional information, visit www.ChooseMaryland.org.