• UAE-based Lumi AI has closed its first round of funding from New York-based B2B SaaS investors Forum Ventures and UAE-based Annex Investments alongside strategic angels. 
• Founded in April 2023 by Ibrahim Ashqar and Tudor Boiangiu, Lumi enables retail businesses to make use of AI generative models to digitise their supply chain, enabling them to generate custom reports and run statistical models using plain language.
• The funding will allow the startup to invest in its product development and grow its team, as it gears up for a full-scale platform launch later this year. 

Press release

Lumi AI, a cutting-edge AI startup re-imagining business intelligence for organisations with physical supply chains, proudly announces its successful first round of funding from leading New York-based B2B SaaS investors Forum Ventures, UAE-based Annex Investments, and angels.

Founded in April 2023, Lumi AI is on an ambitious mission to democratise access to data, insights, and predictive analytics. By equipping businesses with the ability to generate custom reports and run statistical models using plain language, Lumi AI is poised to redefine how organisations interact with their data.

"Lumi AI is born out of an understanding that SQL and Python skills should not be a barrier to data-driven decision making. We've engineered Lumi to seamlessly convert plain language into invaluable business insights, democratising access to data and enabling a future where everyone can make informed, strategic decisions," stated Ibrahim Ashqar, CEO of Lumi AI.

In just three months, Lumi AI has demonstrated its value in the market. The company launched a successful beta product, enlisted five UAE-based customers, and even helped one user identify a $1.5M inventory issue, confirming the platform's immense potential.

“There is a lack of data talent resulting in data backlogs that slow the speed of great decision making. Lumi helps teams get the data they need instantaneously through its always-on AI data assistant, an expert in all aspects of the supply chain. Data teams benefit too as they get to focus on the highly technical strategic work they love doing.” - Maia Benson, Managing Director at Forum Ventures.

Lumi AI's core technology comprises proprietary algorithms and workflows capable of understanding enterprise operational systems and transforming vague user prompts into high-quality, AI-friendly instructions. This advanced approach minimises AI hallucinations, offering an unparalleled level of accuracy and utility.

"Lumi is designed to mimic a human data analyst — it seeks clarifications when needed, explains the logic it used to generate insights, and flags data quality issues when it encounters them," says Tudor Boiangiu, CTO of Lumi AI.

The founding team at Lumi AI comprises seasoned data and AI professionals, each with a track record of developing numerous enterprise-grade data and AI products designed to optimise and automate supply chain operations. Their collective expertise, honed in senior leadership roles at unicorn tech startups, top-tier consulting firms, and multinational corporations, positions them uniquely to revolutionise business intelligence for companies operating within physical supply chains.

The funding will be instrumental in propelling Lumi AI's next phase of growth. It will fuel the development of its unique platform and scale its go-to-market team, preparing the company for its full platform launch in the fall.

As the startup continues to gain momentum, its vision of becoming an AI-powered personal data analyst for businesses worldwide is quickly becoming a reality.