Silicon Valley Bank provides growth capital facility to tech provider Lumafield
Lumafield using $50M for industrial system improvement
Technology provider Lumafield has received a $50 million growth capital facility from Silicon Valley Bank, a division of First Citizens Bank, to support continued expansion of its AI-powered manufacturing technology platform.
The financing, provided through SVB’s Technology Banking Group, will help Lumafield deploy more of its industrial CT scanners and machine-learning inspection systems. Demand is growing across the medical device, consumer packaged goods, automotive and battery manufacturing sectors, where Lumafield’s technology is used, according to a Nov. 20 SVB release. The company’s systems are used to improve product quality, speed development cycles and automate production-line decision-making.
Lumafield, founded in 2019 and headquartered in Cambridge, Mass., has raised venture backing from firms including Lux Capital, Kleiner Perkins, DCVC and IVP, according to the release. SVB believes Lumafield’s technology is helping make high-performance CT inspection more accessible to manufacturers and aligns with the bank’s focus on supporting high-growth technology clients.
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