LumeoTech secures 2 million for expansion in Asia

LumeoTech's attachment technology creates new opportunities for wearable technology. The start-up company from Innovatum Science Park's incubator is now raising SEK 2 million in funding. The list of investors includes entrepreneur Jens Østgaard and Foodora CEO Sofia Gunnmo.

- "This funding round is an important milestone in LumeoTech's expansion, especially towards the Asian market where we are now establishing ourselves. We are extremely pleased to welcome a handful of supportive and competent angel investors," says John Holmgren, co-founder of LumeoTech.

The investors joining are Patrik Boström, Jens Østgaard, Martin Erlandsson, Alexander Blank (Curious Investors) and Sofia Gunnmo.

- The Lumeo team is really on to something with their products and techniques that tap into megatrends in a unique and original way. But above all, I believe in John and Leo's interaction and adaptability. Not everyone moves to the other side of the world to do business like Leo has done," says Jens Østgaard, angel investor and entrepreneur who founded Walborg Ventures in Gothenburg.

- So excited to officially become part of the Lumeo family! I have been coaching and dialoguing with Leo and John for a few years and really like their energy and believe in the technology. It will be incredibly exciting to see where they can take this," says Sofia Gunnmo, angel investor and Q-trading manager at foodora.

Secured several key partnerships in Asia

LumeoTech launched its first product in Japan a year ago and is now in full swing in China. In recent months, the company's CEO Leo Hong Wu has been on site in Shenzhen to establish important partnerships.

- The wearables market is huge in Asia. We have already managed to secure important customer relationships with leading Chinese companies such as Insta360, Seeed and DJI," says John.

LumeoTech develops and sells its own wearable technology products, but its fastening technology is also used by other companies that integrate it into their products.

Hair & skin attachment technology under development

The attachment modules take the form of small round buttons, which can be attached to fabric with a simple push by gripping a thin steel wire around the fibers and creating a temporary stitch. The technology can be attached to everything from cameras, cell phones and flashlights to health sensors and personal alarms.

LumeoTech is also working hard to develop attachment technology for skin and fur, which creates completely new opportunities for monitoring health conditions, for example.