Lumion Secures $10.7 Million to Revolutionize Trade School Operations Amid Labor Shortage

In a significant move to enhance the educational infrastructure for trade and technical schools, Lumion has announced a successful round of funding amounting to $10.7 million. This financing, spearheaded by TTV Capital alongside participation from Tusk Venture Partners and other investors, is designed to propel Lumion's mission to create a robust operating system for career-oriented educational institutions at a time when the U.S. is grappling with a severe skilled labor shortage.

Trade schools are finding themselves at the forefront of educational demand. Lumion recognizes that as enrollment in these institutions outpaces that of traditional four-year colleges, a need arises for a cohesive system to streamline operations and maximize student engagement. CEO Joshua Hagani said, "Trade schools have struggled with fragmented systems like spreadsheets and outdated student databases. We've developed an all-in-one solution to seamlessly integrate the student experience from acquiring leads to tracking alumni progress."

Initially focusing on streamlining student financing, Lumion has broadened its functionality to become an all-inclusive Software as a Service (SaaS) platform. Over the past year, the company has seen remarkable growth, tripling its revenue and expanding its reach to over 100,000 students through partnerships with more than 260 educational institutions across various industries.

The Lumion Platform comprises three essential product lines that significantly enhance the operational capabilities of trade schools:

1. Enrollment Management: Schools can now capture and manage leads through their own websites, utilizing a centralized enrollment process that includes application handling, communication tools, scheduling, and onboarding workflows.

2. Payment Solutions: Once a prospective student is engaged, Lumion simplifies the payment process by guiding them through various financial options such as upfront payments, financing through a lender marketplace, and customized payment plans orchestrated by the schools. This system increases both enrollment and retention rates while Lumion takes care of collections and servicing.

3. Comprehensive Student Information System (SIS): The platform delivers in-depth reporting capabilities that consolidate student interactions and activities, providing valuable insights and clarity for school administrators.

The addition of Tusk Venture Partners reflects a strong investor appetite and highlights Lumion's potential for market growth and continuous innovation in product offerings. As of now, Lumion has processed over 140,000 tuition payments and enabled the operation of 1,690 school administrators, contributing to an estimated $20 billion positive impact on human capital.

With a dedicated workforce of 35 employees based in Salt Lake City, Lumion is poised to meet the challenges posed by changing workforce demands and the limitations of traditional education systems. As government policies increasingly favor workforce development, Lumion stands out as the preferred operating system for trade schools, providing vital support in preparing skilled labor for the future.

In summary, Lumion's recent funding represents not just a financial milestone, but a transformative step towards modernizing the education landscape for trade schools in the United States. Lumion is eager to continue building the infrastructure necessary for the next generation of skilled professionals, marking its commitment to enhancing educational access and effectiveness.

For more information on Lumion and its innovative platform, you can visit their website at joinlumion.com.