Lumavate Secures $3M in Funding

Updated:
Mark Hill is the chairman and CEO of Lumavate. Mark Hill is the chairman and CEO of Lumavate.
INDIANAPOLIS -

A Carmel-based tech company has secured a $3 million round of funding. Lumavate, which provides a platform for customers to create cloud-based apps, says it plans to use the funding to expand product offerings and grow its product, sales and marketing teams. The funding round included participation from BioCrossroads, Elevate Ventures and Collina Ventures in Indianapolis, as well as 4G Ventures in California.

In an interview with Inside INdiana Business, Lumavate Chairman and Chief Executive Officer Mark Hill said there is a distinct advantage in having local investors. 

"Because there's already a relationship there, they know us. They know the city. It's just, frankly, a lot easier," said Hill. "I don't have to spend the time as much talking about the successes we've had in Indy (and) the role that a number of the people on our team have had on those. For example, we have people from Aprimo and ExactTarget and Baker Hill all a part of our team, all having had success here and when I get outside of Indy, there's less knowledge about that success and the skill set that those people have."

Hill, who also serves as managing partner of Collina Ventures, says Indianapolis is a great place to build a business, touting the technical expertise of the talent in the city and previous successes in the local tech sector.

"It's also a place that there is some loyalty. We're not in a place where somebody's going to join your business and then leave you in six months for the next best thing, so that loyalty gives you a little runway to build out a team and have some of the time that it takes to do that. We also have a whole awesome group of investors and service providers between the law firms and the accounting firms. There's a lot of people around that can help a young business get going so I remain very bullish on Indy."

The funding round comes more than a year after Lumavate secured $2.5 million in seed funding from investors, also including Collina and 4G. 

"We think Lumavate promises to be an important part of our dynamic life sciences ecosystem and our investment portfolio," Nora Doherty, interim president of BioCrossroads, said in a news release. "The proven track record of Lumavate’s leadership team combined with the platform’s applicability to life science and healthcare companies made it an attractive opportunity for our fund. We’re excited about the life sciences and healthcare companies Lumavate is already working with today and the potential it has to drive results for other organizations in these industries."

Lumavate did not provide specific details of the number of jobs it plans to add as a result of the new funding.

In addition to the funding round, the company also announced the launch of new features as part of its platform, including starter kits, which allows customers to quickly create mobile apps for pre-determined cases, such as events and internal communications, among others. 

Hill says there is a distinct advantage in having local investors.
  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Aasif Bade (pictured left) is president and Patrick Chittenden (pictured right) is executive vice president of Ambrose Property Group.

      Waterside Developer: City Has 'Violated Our Rights'

      The chief executive officer of Indianapolis-based Ambrose Property Group says the firm is preparing for litigation regarding the future of the former GM Stamping Plant site. In a response to a letter from the city of Indianapolis this week, Aasif Bade says the city's continued threat of acquiring the site of the $1.4 billion Waterside redevelopment project through eminent domain "has violated our rights and is harming the community by putting Waterside in a state...

    • Purdue Global Now Offers Analytics Degree

      The U.S. Bureau of Labor Statistics reports that jobs in the field of data analysis are projected to grow 26 percent over the next ten years. Acting upon that data, Indianapolis-based Purdue University Global has launched a new Bachelor of Science degree program in analytics. 

    • Bob Stutz

      New Role For Salesforce Exec

      After three years on the job, Salesforce Marketing Cloud Chief Executive Officer Bob Stutz is moving into a new role. Stutz, who will remain in Indianapolis, is now executive vice president of strategic partners at Salesforce (NYSE: CRM).  Since arriving in Indianapolis, Stutz has overseen the establishment of the company’s regional headquarters in downtown Indianapolis, which included the Salesforce name being placed atop the state’s tallest building.

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • (photo courtesy of SupplyKick)

      SupplyKick Moving to Former Angie's List Campus

      An Indianapolis-based tech company is moving from its location near Mass Ave to the former Angie's List campus. SupplyKick, which helps businesses optimize their retail presence on Amazon, says the decision to relocate to the area, now known as Elevator Hill, is the result of continued growth and the need for more office and warehouse space. In an interview with Inside INdiana Business, Vice President of Marketing Peter Lazarz said Elevator Hill was a great fit for the...