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Lumafield secured a $50 million growth capital facility from Silicon Valley Bank (a division of First Citizens Bank). This follows the company’s $75 million Series C equity round in March 2025, bringing total raised capital above $190 million. The facility will fund accelerated deployment of industrial CT scanners and scale operations amid strong demand in medical devices, consumer goods, automotive, and battery manufacturing.
The $50 million is structured as a growth capital facility, a form of venture debt or revolving credit line commonly provided by SVB to later stage technology companies. Unlike equity rounds, it does not involve share issuance or valuation adjustments. Such facilities typically carry interest rates tied to prime or SOFR plus a spread, along with warrants for a small equity kicker (often 0.5–2% of the facility amount). Specific terms (interest rate, maturity, covenants, or warrant coverage) were not disclosed in the announcement.
This debt financing provides flexible, non dilutive capital to fuel hardware production and customer deployments while preserving equity for founders and investors. Coming eight months after the $75 million Series C (led by IVP with participation from Spark Capital, DCVC, Kleiner Perkins, Lux Capital, and others), it reflects confidence from lenders in Lumafield’s revenue trajectory and unit economics. SVB’s continued lending to deep tech/manufacturing startups post 2023 crisis underscores Lumafield’s position as a creditworthy borrower with recurring software revenue and hardware backlog.
Lumafield, founded in 2019 in Cambridge, Massachusetts, has emerged as a leader in making industrial computed tomography (CT) scanning accessible and scalable for engineering and manufacturing teams. The company’s platform combines purpose built hardware (Neptune for lab/R&D use and Triton for automated factory floor deployment) with cloud based Voyager software that delivers AI enhanced analysis, CAD comparisons, porosity detection, defect identification, and collaborative workflows. By democratizing a technology traditionally confined to specialized labs, where scans cost thousands of dollars and take days, Lumafield enables non destructive inspection at speeds and price points suitable for everyday engineering and high volume production.
The announcement of a $50 million growth capital facility from Silicon Valley Bank represents a pivotal non equity infusion at a time of rapid commercial expansion. Provided through SVB’s Technology Banking Group, the facility is explicitly earmarked for deploying additional CT systems and scaling operations to meet demand in high precision sectors, including medical devices (e.g., Dexcom, BD, Varian), consumer packaged goods (Colgate Palmolive, Unilever, Revlon), automotive (Autoliv, Multimatic), batteries/energy storage, and sports equipment (New Balance, Puma, Trek Bicycle). Chris Morrison, Managing Director for SVB Technology and Healthcare Banking, highlighted Lumafield’s role in making high performance CT practical for a broad range of manufacturers.
| Round | Date | Amount Raised | Lead Investor(s) | Key Participants | Post Money Valuation (where known) | Notes |
| Seed + Series A | 2019–2020 | $32.5M | Lux Capital, Kleiner Perkins, DCVC | Future Shape (Tony Fadell) | Not disclosed | Company in stealth as “Meter” |
| Series B | September 2022 | $35M | Spark Capital | Lux Capital, Kleiner Perkins, DCVC, Future Shape | Not disclosed | Public emergence from stealth |
| Series C | March 2025 | $75M | IVP | G2 Venture Partners, Wellington Management, Spark, DCVC, Kleiner Perkins, Lux, Matter Venture Partners | Not disclosed | Appointed Bill Cronin as Head of Revenue |
| Growth Capital Facility (Debt) | November 20, 2025 | $50M | Silicon Valley Bank | N/A | N/A (non dilutive) | Current announcement |
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Total equity raised prior to the facility stands at approximately $142.5 million. Including the new debt, Lumafield has accessed over $190 million in capital.
Industrial CT has historically been dominated by legacy players (ZEISS, Nikon, North Star Imaging) whose systems cost hundreds of thousands to millions of dollars, require PhD level operators, and deliver scans in hours or days. Lumafield’s Neptune (lab oriented) and Triton (factory oriented, with Ultra Fast CT capable of complete scans in ~5 seconds) dramatically lower barriers. Triton, fully launched in 2025 after an initial 2023–2024 pilot phase, enables in line, automated quality control, critical for EV battery safety, injection molding consistency, and additive manufacturing validation.
The company’s customer roster now spans Fortune 500 leaders and high growth brands (SharkNinja, Skydio, Desktop Metal, Thermo Fisher Scientific, Eaton, Henkel, etc.), indicating strong product market fit across regulated and consumer facing industries. Recent software enhancements, such as the Battery Analysis Module (September 2024) and generative AI tool Atlas, further embed recurring revenue streams on top of hardware sales.
While exact revenue figures remain private, third party estimates place 2025 revenue in the tens of millions with hyper growth trajectory. The SVB facility provides runway to:
- Ramp Triton production and field deployments,
- Expand go to market teams (particularly under Head of Revenue Bill Cronin),
- Invest in AI and automation features that increase stickiness and margins.
In a macro environment where equity markets remain cautious for capital intensive hardware startups, securing $50 million in venture debt from the preeminent tech lender signals strong lender due diligence on backlog, gross margins, and cash flow visibility. It positions Lumafield to bridge toward potential profitability or a larger strategic round/IPO without immediate dilution pressure.
The facility validates Lumafield’s transition from an innovative startup to a scaling industrial platform, reinforcing its role in the ongoing reshoring and digitalization of advanced manufacturing.
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