US-based Lumina, a company specializing in electric construction equipment, is aiming to raise between $20 million and $40 million in its Series A financing round, according to Axios.

Lumina was founded in 2021 by entrepreneur Ahmed Shubber and aims to release a 32-ton autonomous and electric bulldozer prototype, the Moonlander.

The prototype is similar to the size of a Caterpillar D6 while delivering the load capacity of the larger D9 model. Shubber has ambitious plans for Lumina, including a target of $100 million in revenue within two years of starting operations.

Lumina’s business strategy is based on not only selling its bulldozers but operating them directly at construction sites, allowing it to maintain full control over the deployment of its equipment.

The company also plans to develop a 100-ton electric excavator, Blade Runner, which will also feature advanced autonomous operating technology.

Source: Axios