Lumai raises $10 million

UK-based startup Lumai has raised $10 million to advance its optical computing technology, which aims to reduce the cost and energy demands of running AI models.

The round was led by Constructor Capital and included support from IP Group, PhotonVentures, Journey Ventures, LIFTT, Qubits Ventures, State Farm Ventures , and TIS Inc.

Spun out of the University of Oxford, Lumai is building hardware that replaces parts of traditional AI processing with optical beams, promising 50x the performance of current silicon chips while using just 10% of the power. The company claims it can reduce AI inference costs by 90%.

The funding will be used to scale the team, accelerate product development, and grow Lumai’s presence in the US.