Lumafield, a developer of industrial X-ray CT technology, announced it has closed a $75 million Series C funding round. This funding cements the company’s position as a leader in advanced manufacturing as the U.S. renews its focus on manufacturing supremacy and companies around the world reconfigure their supply chains in response to strategic threats. IVP led the round, which includes new investors G2 Venture Partners and Wellington Management along with existing investors Spark Capital, DCVC, Kleiner Perkins, Lux Capital, and Matter Venture Partners.
This marks a major milestone in the company’s growth trajectory and will advance the development of larger-scale applications and the deployment of next-generation CT solutions.
Lumafield’s technology is transforming what is possible in manufacturing, equipping engineers with the tools to push boundaries without inviting risk. With manufacturing becomes an issue of national security and global power, precision inspection has never been more essential. And Lumafield’s industrial X-ray CT scanners and AI-powered analysis software give manufacturers the ability to detect flaws before they escalate into costly failures and recalls. Lumafield’s customers include leaders in a wide range of industries, from electric vehicles and medical devices to athletic equipment and consumer packaging.
With this funding, Lumafield is advancing its expansion into factory applications, advancing hardware and software to meet the demands of the world’s most exacting brands. And by embedding high-resolution, non-destructive inspection directly into production lines, Lumafield is turning quality control into a strategic advantage, giving engineers the ability to deliver the next generation of breakthrough products without the downside of manufacturing defects.
Lumafield tripled its annual recurring revenue (ARR) in each of the last two years, demonstrating the strength of its business model, which includes both hardware and software as a service. Lumafield’s products include Neptune, an easy-to-use industrial X-ray CT scanner for product developers and quality labs; Voyager, cloud-based analysis software for CT data and quality management; and Triton, a factory-ready inspection platform for quality control that can capture CT scans in as little as 0.1 seconds. And these products have create an era of accessible CT technology, with 85% of Lumafield’s customers using CT scanning for the first time, and have positioned the company for its next phase of rapid growth.
In the last year, Lumafield has brought several product and technology breakthroughs to market that promise to accelerate the adoption of its scanners and software. And these include Ultra-Fast CT, a technology that reduces the time required to run a CT scan by more than 100 times.
The advance promises to make X-ray CT a practical inspection technology for industries as diverse as consumer packaging, optics, and in combination with Lumafield’s new Battery Analysis Module, lithium-ion batteries that are essential to the widescale deployment of electric vehicles, grid-scale energy storage, and next-generation consumer electronics.
Lumafield also revealed that Bill Cronin has joined its executive team as Head of Revenue, where he will focus on driving Lumafield’s expansion and market adoption. And Cronin was previously Chief Revenue Officer at Xometry, where he led the company to significant sales growth, from $2 million per year to over $450 million, and guided Xometry’s go-to-market team through its successful initial public offering (IPO) in 2021.
KEY QUOTES:
“We’re thrilled to have IVP and our partners join us in transforming U.S. manufacturing. Now more than ever, this country needs to invest in cutting-edge technology that keeps American industry competitive, builds unstoppable supply chains, and drives global innovation.”
“Industrial CT has been locked away in specialized labs and accessible only to massive corporations for too long. By tearing down the barriers of speed, cost, and complexity, we’re putting this powerful technology directly into the hands of manufacturers of every size. That means faster time to market, fewer hidden problems, and the freedom to push boundaries without fear. We’re on a mission to supercharge American manufacturing—and we won’t rest until we’ve made CT inspection an essential tool in every product team’s toolbox.”
- Eduardo Torrealba, Lumafield’s Co-Founder and CEO
“Lumafield is at the forefront of a technological revolution in manufacturing during a period of profound supply chain disruption. By democratizing access to industrial CT, Lumafield gives companies the precision and speed to catch issues before they become expensive problems. Eduardo and his team are already working with industry leaders and have a huge opportunity to scale globally.”
- Shravan Narayen, Partner at IVP
“The manufacturing sector is undergoing a seismic shift. I’ve seen firsthand how transformative technologies can redefine entire industries—creating new workflows, improving quality, and unlocking previously unimagined digitization opportunities. Lumafield is at the forefront of this transformation, bringing a game-changing approach to industrial inspection. I’m excited to help scale Lumafield’s impact and put this groundbreaking technology into the hands of manufacturers looking to rethink quality control and build the next generation of world-changing products.”
- Bill Cronin
