Lumai, an Oxford, UK-based AI accelerator startup using optics to address global computational challenges, raised over $10M in funding.
The round was led by Constructor Capital, with participation from existing investor IP Group, alongside new investors PhotonVentures, Journey Ventures, LIFTT, Qubits Ventures, State Farm Ventures, and TIS Inc.
The company intends to use the funds to advance product development, doubling its headcount, and expanding its U.S. presence.
A spin out of the University of Oxford and led by CEO Tim Weil, Lumai leverages AI technology to develop a scalable computing solution to meet the demand for AI performance while minimizing energy consumption. The company’s accelerator will cut AI inference costs to one-tenth of today’s solutions. Lumai’s design will deliver 50 times the performance of silicon-only accelerators while using just 10% of the power required for AI in data centers, lowering both capital costs and total cost of ownership.
FinSMEs
02/04/2025