More UAE investors back Lumi AI’s USD 3.7 mn seed round: Abu Dhabi’s ADQ and UAE-based venture investor syndicate Qora71 have joined a USD 3.7 mn seed funding round for tech startup LumiAI, according to a statement (pdf). The round was led by Silicon Valley-based AgFunder, with participation from Forum Ventures and other angel investors.

Where’s the capital going? Lumi will use the funding to scale its engineering and customer success teams and double down on product development.

Background: The company closed an earlier funding round in August 2023 — ahead of its official launch — led by Forum Ventures and UAE-based Annex Investments, alongside strategic angel investors. The amount raised was not disclosed.

About Lumi AI: Founded in 2023 by Ibrahim Ashqar (LinkedIn) and Tudor Boiangiu (LinkedIn), Lumi’s proprietary analytics engine allows users to query complex operational data — like inventory, procurement, and sales — through a chatbot, which the startup says helps teams slash time-to-insight from seven days to 30 seconds. Current clients include a top four consulting firm, one of North America’s largest meal-kit providers, and the MENA region’s largest luxury retailer, the statement said, without disclosing names. Lumi also has a significant presence in the UAE, a company representative confirmed in an emailed response to Enterprise.

Tags: