June 5, 2018

Lumoa receives 650 000 euros in seed funding

Lumoa's feedback tool can process feedback in 60 languages.
Lumoa's feedback tool can process feedback in 60 languages.
Lumoa

Finnish startup Lumoa has secured 650 000 euros in seed funding from Icebreaker.vc, entrepreneur Ali Omar and Business Finland.

Lumoa is moving forward with its AI-based customer experience analytics software following the capital injection. The investment was led by Icebreaker.vc with contributions also from growth-entrepreneur Ali Omar and Business Finland.

The evolution of Lumoa has been fast-paced after it was established in late 2016 by former Microsoft employees Johanna Sinkkonen, Suvi Lindfors and Carlos del Corral.

“We founded Lumoa to help companies to create better customer experiences. Currently Lumoa is growing 20 per cent every month,” explains Sinkkonen, now the CEO of Lumoa. “I am extremely happy about the next growth stage we are now entering.”

With a background in net promoter score analytics and well-rooted professional networks, the trio developed Lumoa’s AI-based CX solution with the aim of making customer feedback actionable and enabling companies to respond more efficiently to customer churn.

“Lumoa brings together multiple customer feedback sources and combines them utilising NLP [natural language processing] and AI to give the best and most comprehensive direct guidance to the business users on how to improve single points of customer journey,” says Aleksi Partanen, partner at Icebreaker.vc.

The market outlook seems very positive for Lumoa’s solution. According to Partanen, “the global customer journey analytics market size will reach 12.22 billion US dollars by 2022, growing from 4.76 billion US dollars in 2017”.

During its first full operational year, Lumoa’s software dug through and analysed 1.5 million customer feedback responses. The startup has managed to close deals with Vainu.io and Megaklinikka.

 

Good News from Finland is published by Finnfacts, which is part of Business Finland.

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