UAE-Based Lumi AI Secures US$3.7 Million In Seed Round
The funding will help expand its engineering and customer success teams, fast-track product development, and better support its expanding global client base managing complex supply chain data.
Lumi AI, a UAE-based self-service platform that helps brands and retailers extract insights from their enterprise resource planning (ERP) data, has raised a US$3.7 million seed funding round.
The round was led by AgFunder, a Silicon Valley-based venture capital firm specializing in early-stage artificial intelligence (AI) startups tackling supply chain challenges. Other investors included B2B software-as-a-service(SaaS)-focused Forum Ventures, Abu Dhabi’s sovereign wealth fund ADQ, and several angel investors.
Founded by Ibrahim Ashqar and Tudor Boiangiu in April 2023, Lumi empowers retail businesses to leverage generative AI to digitize their supply chains. The platform allows users to create tailored reports and execute statistical models simply by using natural language. It includes a chat-based interface that acts like a personal data analyst, allowing users to interact with their data using everyday language. Through its platform, teams can uncover insights, create visualizations, and work more efficiently, allowing data specialists to focus on higher-level strategic work.
In a statement, Ashqar, co-founder and CEO of Lumi AI, said, “We founded Lumi AI to break down the barriers between businesses and their data. With this funding, we’re accelerating our mission to help companies democratize access to intelligence and transform decision-making at scale. AgFunder’s expertise in supply chain innovation makes them an ideal partner to help us empower businesses globally to unlock the full potential of their operational data.”
The funding will help Lumi AI expand its engineering and customer success teams, fast-track product development, and better support its expanding global client base managing complex supply chain data.
Rob Leclerc, Managing Partner at AgFunder, noted, “Lumi AI is transforming the way businesses operate by making analytics accessible to everyone. I haven’t seen that before – such incredible pull in demand across retail, grocery, manufacturing – any industry with complex supply chains. We’re excited to support their journey.”
Pictured in the lead image are Ibrahim Ashqar and Tudor Boiangiu, founders of Lumi AI. Courtesy of Lumi AI.
