December 6, 2018
Luminoso Secures $10 Million in Series B Financing
CAMBRIDGE, Mass. – December 6, 2018 — Luminoso, the natural language company that provides AI- powered customer insights, today announced the closing of a $10 million Series B funding round led by DVI Equity Partners. Also joining the round are Liberty Global Ventures, DF Enterprises, Raptor Holdco, Acadia Woods Partners, and Accord Ventures, among others, many of whom participated in Luminoso’s previous rounds of funding totaling over $20 million. Luminoso will use the proceeds to expand and scale its team as its customer base continues to grow internationally.
Luminoso’s artificial intelligence and natural language technologies have fundamentally changed how its clients automate the processing of unstructured data. Luminoso’s clients now find insights in minutes, not months, by replacing the otherwise time-consuming process of manually reading open-ended feedback from customers and employees without requiring massive amounts of data or armies of human consultants.
“We believe Luminoso’s approach to machine learning leads a dramatic shift in how companies directly incorporate feedback from customers and employees into their sales, marketing, and product efforts,” said DVI managing partner Robert Griffin, who joins Luminoso’s board of directors. “We’re looking forward to helping Luminoso further accelerate its growth with our knowledge and experience in the artificial intelligence and data analysis space.”
Clients using Luminoso products have reported tangible advantages such as:
Deflecting 50% of incoming support tickets to automated responses and self-help articles
Finishing Voice of the Customer analyses in minutes rather than weeks of less accurate, manual processing
Reducing response times to Customer Experience queries from executive teams from one month to one hour
Processing Voice of the Employee surveys for over 500,000 employees across ten languages
Identifying critical customer-reported defects within minutes instead of days
“Our investors’ show of confidence reinforces how Luminoso’s value proposition — realizing increased sales and operating savings in days instead of months — is a game changer for how organizations discover insights from feedback,” said Adam Carte, CEO of Luminoso. “We’re eager to work with DVI Equity Partners and our other investors to further grow our customer base as we expand our North American operations and penetrate further into the European, Japan, and Asia-Pacific regions.”
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Luminoso builds text analytics products for analyzing conversational text data like support tickets, open-ended survey responses, and reviews. Using common-sense artificial intelligence to understand language, we empower organizations to discover, interpret, and act on what people are telling them. Requiring little setup, maintenance, or training, Luminoso combines world-leading natural language understanding technology with a vast knowledge base to learn words from context – like humans do – and instantly analyze text without libraries. Our products provide native support in 15 languages, so leaders can explore text data, make sense of feedback, and surface business-critical insights.
Luminoso is privately held and headquartered in Boston, MA.