Smart TV maker Lumio raises $4.55 M

Bengaluru-based home entertainment company Lumio , started by former Xiaomi and Flipkart employees, has raised USD 4.55 million in seed funding from Stellaris Venture Partners, 3one4 Capital and Sattva Ventures as well as angel investors, across multiple tranches.The startup was launched last year with a portfolio of high-end televisions and projectors, with the aim to solve the widespread issue of smart TVs becoming slow and laggy over time. It expanded the portfolio with a larger 65-inch TV, following strong reception of its premium 55-inch model. The firm claims to have acquired over 20,000 customers in the first year.