Lumaril, a New York startup whose software adjusts the settings on factory control systems to raise output, has raised a $66 million Series A at a $400 million valuation, led by the investor Elad Gil. The company announced the round on October 27, 2026, the same day it launched publicly, and said it brings its total funding to $78 million.
Its two co-founders, Mark Elliot and Ben Duffield, are listed on the company's site as creators of Palantir Foundry. Their new company says it does not charge for software at all. "We don't sell software. We sell production, and we're paid on the throughput and yield we add," the company wrote in its announcement.
Lumaril opened its launch thread on X with the problem it says it is solving: plants that depend on what their longest-serving operators know.
Post on X by @lumaril
Today we’re launching Lumaril. / We’re an industrial autonomy company helping America’s existing factories run at their true capacity, with more production and less waste. / The US is home to hundreds of thousands of plants, run by senior operators with decades of tacit knowledge.
What Lumaril does
The software connects to the control systems a plant already runs, builds a model of the operation and, in the company's words, "autonomously adjusts setpoints, control logic, and coordination through a safety layer to drive output and yield." The announcement says the model learns from how a plant's best operators run it and changes "as materials, weather, and equipment change."
The site lists manufacturing, chemicals, biologics, oil and gas, agriculture and polymers as the industries it serves. The announcement names two companies whose plants Lumaril has worked in: Ultra-Poly, a plastics recycler that says it supplies over a million pounds of recycled resin a day, and The Arthur Companies. Lumaril has not disclosed revenue or a customer count.
The company is also offering Monocle, which it calls an "AI-enabled PLC historian," free of charge to any plant that asks.
Who invested
Gil, whom the company called a returning investor, led the Series A. Felicis, Koch Disruptive Technologies and Pax Ventures joined, along with Lux Capital and General Catalyst, which co-led the seed. The company also thanked Forward Deployed VC, BoxGroup and Bob McGrew. Gil gave his reason for leading the round in a post on X: the team.
Post on X by @eladgil
Excited to lead Series A in @lumaril 🔥 / AI for physical production by one of the best teams from @PalantirTech
The company's site lists offices in New York and El Segundo, California, and a leadership team drawn from Palantir, Zipline and Anduril.
What the price implies
The company's two figures say most of its money arrived in one round. Subtracting the $66 million Series A from the $78 million total leaves $12 million raised before it, so the Series A is about 85% of everything Lumaril has raised.
The announcement does not say whether $400 million is the valuation before or after the new money. If it is after, the Series A investors bought about 16.5% of the company. If it is before, the post-money value is $466 million and their stake is about 14.2%. The $400 million figure is about 5.1 times the capital raised to date.
What paid-on-output pricing means for buyers
Lumaril's site puts its pitch to plant owners plainly: "We're paid on the production we add, so we win when you do." For a buyer, that moves the risk of a failed project onto the vendor, and the free Monocle offer lowers the cost of trying it.
For investors, it means Lumaril's revenue depends on measuring added throughput and yield in each plant, and on customers accepting that measurement. The company has not said how it sets that baseline or what share of the gain it takes, the two numbers a buyer would need to compare it with a subscription.
