Dec 6, 2018

Luminoso Secures $10 Million in Series B Financing

PRWeb

Cambridge, MA—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.”

Please direct questions to press@luminoso.com or 617-682-9056.

About DVI Equity Partners

DVI Equity Partners, LLC has a singular mission of investing in early stage, emerging technology companies specializing in disruptive technology with an emphasis on companies founded and led by women and minorities. The firm evaluates emerging technology companies that create business-to-business (B2B) value in areas including national security, enterprise software, artificial intelligence, and data storage and analysis. DVI shares expertise, resource and forms relationships with entrepreneurs to help them transform the way industries and the public sectors conduct business. Visit http://www.dviequitypartners.com for additional information. 

About Luminoso

Luminoso Technologies is a leading artificial intelligence (AI) and natural language understanding (NLU) company that enables companies to rapidly discover insights in their unstructured data. Luminoso’s award-winning software applies AI to accurately analyze text-based data, for any industry, without lengthy setup time or training. Luminoso can analyze unstructured data natively in 14 languages, including Chinese, Korean, Japanese, and Arabic. Companies use the insights that Luminoso’s solutions uncover to streamline their contact center processes, monitor brand perception, and optimize the customer experience. The company is privately held and headquartered in Cambridge, MA.

For more information, visit www.luminoso.com, and follow Luminoso on Twitter at @LuminosoInsight.


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