Episode 380 of The VentureFizz Podcast features Eduardo Torrealba, CEO & Co-Founder of Lumafield.
As part of my conversation with Eduardo, we talk about the importance of working on hard things. Yes, it’s hard to build things that seem impossible at the time but it is that level of difficulty that attracts the top talent across engineering and other functional areas to join the company. And, it is that level of difficulty that once you establish product market fit, it can been highly defensible and really difficult to copy. And, it is that level of difficulty that attracts the best investors to fund a company with the hopes that it can be an industry defining company, especially when there is hardware involved.
Take Lumafield, a pioneering developer of accessible X-ray CT technology, recently announced a $75M Series C round of funding led by IVP, along with new investors G2 Venture Partners and Wellington Management and previous investors Spark Capital, Lux Capital, Kleiner Perkins, DCVC, and Matter Venture Partners and angel investors like Tony Fadell – yes that Tony Fadell, the inventor of the iPod and Founder of Nest.
When you have an industry leader like Tony, who after seeing their product & vision and ended up committing to an investment into the company after a 30 minute meeting, you know you are on to something big, as he understood the problem first hand based on his experience.
Here is a fun video from Lumafield with Tony where they take a look at the evolution of the iPod by looking at the inside of different generations.
In this episode of our podcast, we cover:
* Eduardo’s background story and his initial journey into entrepreneurship with an IoT soil moisture sensor company called Oso Technologies.
* Joining Formlabs and what he worked on in the earlier days of the company and what he learned during the company’s growth to a billion dollar valuation.
* The full story of Lumafield in terms of how the team came together and the problem they are solving.
* The fundraising process and the current state of the company, plus future plans ahead.
* Lessons learned from building companies and raising capital.
* The importance of a strong company pitch.
* And so much more
Episode Sponsor:
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