Sydney martech startup LUMOS has raised $800,000 in an oversubscribed pre-Seed round as it looks to carve out a new niche in the advertising industry.
The raise was backed by Claremont Capital, Dorcas Capital and angel investors including Imprint Capital Partners partner Curt Shi, Beames Capital partner Hugo de Jong, Metagrove Ventures managing partner Barry Winata and the Trampoline Syndicate, led by Matt Perkes and Abraham Robertson.
LUMOS allows brands to promote themselves in a new style of out-of-home (OOH) advertising via gig economy riders with IoT-enabled digital billboard backpacks.
The startup will use the funds to further scale its Australian footprint, develop its data-driven ad reporting capabilities, and roll out more IoT-enabled ad solutions to deliver targeted physical and digital ads.
Founded in 2020, with its minimum viable product launched in early 2022, LUMOS cofounder and CEO Eric Fan said the platform enriches OOH ads with digital retargeting and advanced audience analytics to create a new immersive and data-driven marketing environment for brands.
“We are currently working with 20+ well known domestic and international brands and agencies of all sizes, empowering them to attract, retain and create customer advocacy using our affordable and competitive solution,” he said.
“LUMOS makes scalable and impactful marketing accessible to all brands because our platform significantly lowers the barrier to entry, expands the possibilities for all brands and furthers their reach when it comes to advertising.”
Fan said the received overwhelming support from investors.
“LUMOS was born while we were still in the thick of an economic downturn and businesses were pushed to reimagine the possibilities of innovative and disruptive technologies like ours to stand out more,” he said.
“The great investor backing we’ve received is a true testament to the global market opportunity for our innovative martech platform in Australia and beyond.”
Metagrove Ventures founder Barry Winata said the advertising industry has been “quite traditional and antiquated” for a long time.
“However it’s now finally being disrupted by Lumos who are using technology and logistics to create a new paradigm for this space,” he said.
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