For Investors
The Enrichment Brand for the AI Generation
AI fluency is the defining skill of this generation. Luminary is building the first enrichment brand to teach it, starting with a flagship in Singapore designed from day one to scale globally.
For children ages 6–10, sessions blend play, craft, and AI creation to build the foundation skills of the AI age — world-building, systems thinking, curiosity, and collaboration. The result: mental models for thriving alongside AI, not behind it.
Investment Summary
High-Growth Business
Year 1 launches with a flagship centre in Singapore, expanding to 6 countries by Year 3 — the first AI-native experiential learning brand built for global franchise from day one.
Products & Platform, Ready to Ship
A modular product stack and AI-native platform ready for roll-out in Singapore and expansion through franchising for compounding revenue generation.
Watch The Film
The Problem
The Skill No One Is Teaching
Singapore parents spend S$1.75 billion a year on enrichment: math tutoring, coding classes, music, languages. None of it teaches AI fluency, the ability to think with AI, to direct it, and to understand the systems it reshapes.
AI fluency is the meta-skill that compounds across every other domain. The gap between those who consume AI and those who direct AI widens every quarter. The category doesn't exist yet.
Every year of delay is a year of compounding disadvantage.
The Product
A Connected System, Not a Venue
Luminary is three things at once: an enrichment centre where children build worlds with AI, a modular product platform that extends into homes, and a franchise-ready system designed to replicate globally.
Every component in the centre — the sculptural furniture, the tactile IoT devices, the projection system, the AI companion, the story kits — is a standalone product designed to work in a flagship space, a franchise location, or a child's living room. The centre is the showroom. The products are the business. The franchise is the scale mechanism.
The capex isn't a fit-out cost. It's product R&D. Every dollar builds IP that ships.
Five Layers, One Platform
Each layer works independently and compounds when combined. The same products operate across all three channels.
Sculptural Furniture
Curved plywood pods, craft tables, and organic foam fort blocks. The physical foundation of every Luminary experience.
Centre
40-55 modules per location
Franchise
Ships in crates, no custom build-out
Home
Premium play furniture sets
Luminary Primitives
Tactile IoT devices — orbs, cubes, pyramids, domes — that children touch, twist, and shake. When placed on furniture, they bring environments to life through light, sound, and haptics.
Centre
Full device sets per zone
Franchise
Starter kits included in buildout
Home
Consumer IoT play kits
Projection & Portal Home
At the centre, 24-31 ceiling projectors create full immersion. At home, a birch plywood archway with an integrated projector becomes a physical window into the worlds children build.
Centre
Ceiling-mounted immersion system
Franchise
Modular projection packages
Home
Portal Home archway projector
Digital Platform
AI Companion app, world-building tools, and content library. The digital thread that connects centre sessions to home play and extends engagement between visits.
Centre
Facilitator tools + session engine
Franchise
Licensed platform access
Home
AI Companion + subscriptions
Merchandise & Kits
World Cards, story kits, curriculum kits for schools, and branded merchandise. Low-cost entry points that drive awareness and create physical connections to the brand.
Centre
Takeaway products at point of sale
Franchise
Co-branded merchandise
Home
DTC and retail distribution
The Product Line
Across the Platform
Furniture Primitives
Light Orb
Portal Home
Home Projector
Button Cube
AI Companion
Fort Blocks in Play
Shake Egg
World Cards
Franchise Kit
Twist Cylinder
Living Room Setup
Curriculum Kit
Proximity Dome
The Opportunity
Category Creation in a Proven Market
Singapore's enrichment market is worth S$1.75-1.8 billion annually and growing. Parents invest heavily. There is no AI-native enrichment brand anywhere in the world. Luminary launches into a proven, high-spending beachhead market — but the category is open globally, and the franchise system is designed to ship from day one.
Singapore enrichment market
Flagship launch
Square feet
Product layers across 3 channels
The Singapore Incumbent Gap
No premium enrichment brand in Singapore is AI-native. None of the major incumbents has the team, brand permission, or capital architecture to authentically pivot. Every one is a services-only business led by educators with academic, theatre, or memory-training backgrounds.
| Brand | Scale | AI Capability Today | Why They Can't Cross Over |
|---|---|---|---|
| MindChamps (SGX:CNE) | 38.5% premium preschool share | Soft-skills “future-ready” framework | Theatre-derived methodology; founder background |
| The Learning Lab | #1 premium tuition (Advent PE) | Hybrid online delivery only | PE clock; services-only operator |
| Mind Stretcher | K-12 leader (Dymon Asia PE) | None — pure PSLE prep | Brand identity locked to test outcomes |
| PlayFACTO | 65+ centres, STEAM franchise | Generic coding & robotics | Korean-licensed franchise economics |
| Heguru / Thrive | Methodology-licensed boutiques | None | Locked to legacy pedagogies (right-brain / drama) |
| Luminary | Pre-launch flagship + product line | AI-native from day one | Built and sold the AI platform Cornerstone acquired |
The Luminary differentiator: Cornerstone OnDemand acquired Talespin in March 2024 to anchor its enterprise AI strategy across 7,000+ customers and 140M+ users. Talespin was built by the Luminary founding team. The same architecture — AI characters, generative content, immersive environments, branded products — is the foundation of the Luminary system. AI talent of this caliber doesn't join PE-owned tuition chains.
Singapore First. Then the World.
Singapore validates the model, but the market opportunity is global. AI-fluency enrichment doesn't exist in any market. Every city with affluent, education-focused parents is a franchise market — and every component of the system is designed to ship from day one.
Design control through centralized manufacture. Rather than letting local franchisees interpret the build — the failure mode where franchise quality drifts as local contractors substitute components — Luminary controls the build end-to-end. Design is centralized; manufacturing is concentrated in a single regional production base; complete, calibrated units ship to franchisees ready to install. This protects brand and experience consistency across markets, preserves the unit economics that depend on the six-zone stagger model, and concentrates manufacturing margin in Luminary as the network scales.
Year 1 — 2027
Singapore Flagship
Single 3,800 sq ft Singapore flagship opens. Prove unit economics, refine the product platform, build waitlist demand, validate the franchise blueprint.
Geographies
- +Singapore — Flagship
Year 2 — 2028
Second Centre & First Franchises
Open a second Singapore centre in Q2 2028 on an accelerated ramp informed by Year 1 learnings. Launch the first international franchise locations in Indonesia, Thailand, and Australia. Consumer product line goes online.
Geographies
- •Singapore — Flagship
- +Singapore — Second Centre (Q2 2028)
- +Indonesia
- +Thailand
- +Australia
Year 3 — 2029
Global Franchise Rollout
Open a third Singapore centre in Q4 2029. Extend the franchise system into Malaysia and China (Hong Kong), while Indonesia, Thailand, and Australia scale to multiple locations each. License the full stack including modular buildout, curriculum, technology platform, and product line for asset-light global expansion.
Geographies
- •Singapore — Flagship
- •Singapore — Second Centre
- +Singapore — Third Centre (Q4 2029)
- •Indonesia — Location 1
- +Indonesia — Locations 2-5
- •Thailand — Location 1
- +Thailand — Locations 2-5
- •Australia — Location 1
- +Australia — Locations 2-3
- +Malaysia — Location 1
- +China (Hong Kong) — Locations 1-3
The Business Model
Three Revenue Engines, One Flywheel
The enrichment centre is a product showroom. Every parent who walks in sees the furniture, watches their child interact with the AI, and takes home an artifact. The centre validates demand, generates design feedback, and creates a customer funnel — all while generating session revenue.
Children experience Luminary at the centre. Parents buy products for the home. Home products drive demand for new sessions. Proven unit economics attract franchise operators. Each revenue stream feeds the others. The flywheel compounds.
The Flywheel
Each revenue engine feeds the next. The cycle accelerates with every turn.
Centre Experience
Children build worlds. Parents see products in action. Every session is a live product demo.
Home Products
Furniture, Primitives, Portal Home. Experienced at the centre, purchased for daily use.
Franchise & Licensing
Modular buildout, curriculum licensing, platform fees. Singapore proves it, then the system ships.
Centre Experience
Children build worlds. Parents see products in action. Every session is a live product demo.
Home Products
Furniture, Primitives, Portal Home. Experienced at the centre, purchased for daily use.
Franchise & Licensing
Modular buildout, curriculum licensing, platform fees. Singapore proves it, then the system ships.
Each engine feeds the others
The Team
A Decade Building AI-Powered Learning
The Team has a track record. Six businesses built. Four exits. Talespin, acquired by Cornerstone OnDemand in March 2024. 5th Kind, acquired by Sohonet in 2023 — built the infrastructure behind Warner Bros, Disney, and Marvel. Final Touch GPU pipeline and tools, sold to Apple. Siren / East End Studios sold to private equity. A business founded by the team in the last six months is currently in an M&A process. Two decades of experiences. This Team started Luminary.
Product & Technology
Two decades building creative infrastructure, from GPU tools to agentic AI systems. Deep experience shipping physical-digital products at production scale.
Capital & Operations
Investment banking, M&A, structured finance, and operational execution across three continents. The financial architecture to support long-horizon venture building.
Educational Pioneers
Founded Talespin, the AI-immersive learning platform acquired by Cornerstone OnDemand in 2024. Founded WonderCast, AI-powered personalized storytelling for children, now in an M&A process. Luminary applies the same DNA to physical experiential learning for the next generation.
Capital
$100M+In venture funding for companies founded by leadership
Scale
$2B+In physical and digital infrastructure projects
Assets
$150M+Into strategic media and IP investments
Frontier
20+ YearsBuilding systems at the edge of capability
Kyle Jackson
Founder & Partner, Being Human
5 companies founded, 3 exits, $100M+ VC raised. Founding product and early design partner on Final Touch — GPU-accelerated tools acquired by Apple and integrated into Final Cut Pro. Founded Tunnel Post around the Final Touch acquisition, still operating in Hollywood post-production. Co-founded OpenDrives (storage infrastructure for Hollywood). Founded Talespin (AI-powered immersive learning), acquired by Cornerstone OnDemand in 2024. $2.5B+ in media infrastructure designed and delivered.
Ram Venkat
Principal & Partner, Being Human
Engineer turned investment banker turned operator. Designed semiconductor hardware for NASA deep space missions and U.S. military satellite programs. Raised $30B+ at Citi Global Markets (including Facebook and Palo Alto Networks IPOs). CFO/COO of Talespin through to acquisition. Founder of Kavlo AI.
Steve Cronan
Principal & Partner, Being Human
25 years building secure, scalable systems for complex digital environments. Founded and bootstrapped 5th Kind for 15 years, the collaboration backbone behind major film, TV, and gaming productions. Acquired by Sohonet in 2023. Now building agentic AI systems from first principles.
Jaden Teo
Head of Strategy & Operations, Being Human
Management consulting at Accenture. Co-founded Kalpha, a VC-backed edtech marketplace. Led Talespin/Cornerstone integration, merging a spatial learning platform into a global enterprise ecosystem serving 7,000+ customers and 140M users worldwide.
Phil Glofcheskie
Product Development Lead
Product development leader from the Talespin era, where he spent a decade building immersive learning experiences for enterprise. Now leading Luminary's physical-digital product development, translating the team's AI learning expertise into a connected consumer product system.
The Investment
S$1.5M Seed at S$5M Pre-Money
A seed round to fund the Singapore flagship through opening, prove unit economics, and ready the platform for franchise expansion. The projections and returns shown below reflect this plan extended to Luminary's full multi-centre rollout (three Singapore centres plus international franchises) at the Moderate scenario, calculated from a Round 1 seed investor perspective post-Round 2 Series A dilution.
Seed equity raise
Pre-money valuation
Investor share
Non-dilutive grants on top
Capital Recoverability
The Platform Is the IP. The Building Is the Vessel.
Every dollar is classified by what it leaves behind. Across all three scenarios, intellectual capital investment equals or exceeds the capital sunk into the building. Each subsequent franchise location reuses the curriculum, products, software, and brand IP — only the local fit-out repeats.
Sunk Capital
20%
Fit-out, permits, contingency. Gone with the lease.
Portable Capital
7%
Projection, audio, compute, FF&E. Travels with us.
Intellectual Capital
21%
Curriculum, 5-layer product R&D, tech. The compounding asset.
Operating Capital
33%
7-month post-launch runway reserve.
Strategic Buffer
20%
Slippage protection and opportunity capital within the raise.
Moderate scenario shown. Sunk Capital ranges 15–24% across scenarios.
3-Year Projections
Moderate Scenario
Three integrated revenue engines compound across three years. Multi-centre operations (Singapore Flagship plus second and third centres) supported by international franchise rollout. Operations capital payback in Year 3 Q2.
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Centre Revenue (Session + Pop-up) | S$999K | S$2,958K | S$4,370K |
| Product Revenue | S$450K | S$1,199K | S$1,907K |
| Franchise Revenue | S$0 | S$340K | S$2,622K |
| Total Revenue | S$1,449K | S$4,524K | S$9,032K |
| EBITDA | (S$57K) | S$188K | S$2,576K |
| EBITDA Margin | (4%) | 4% | 29% |
Projections assume Series A Round 2 raise of S$3.5M at S$15M pre-money valuation, closed at start of Year 2 (Q1 2028, January 2028). Round 2 capital funds Centre 2 and Centre 3 build-out, Centre 3 launch in Year 3, international franchise infrastructure, and an Operating Capital buffer for Centre 2/3 pre-revenue and ramp months. Franchise economics include an upfront fee (one-time at signing), recurring royalty + A&P levy + monthly platform fee (covering proprietary AI tech, software, content updates), and a one-time hardware gross margin from Luminary-supplied modular FF&E plus vendor rebates on external equipment purchases. Year 2 EBITDA stays positive but modest (S$188K, 4% margin) because Centre 2 opens Q2 2028 and immediately carries full operating costs and product COGS for all centres while its revenue ramps gradually, and Round 2 Growth OPEX (franchise HQ and franchise support infrastructure) begins running at the start of Year 2. By Year 3, Centres 1 and 2 operate at steady-state utilisation while Centre 3 launches in Q4 2029 and begins its ramp. Franchise royalty and platform fee income contributes meaningfully, with international locations scaled by per-country revenue and cost multipliers reflecting local market economics. EBITDA reaches S$2,576K at 29% margin, with Year 4 and beyond lifting further as Centre 3 matures to steady state.
Investor Returns
Valued Against Market Comparables
Public childcare and edutainment comparables trade at 1 to 1.5x revenue. Private growth-stage children's brands trade at 3 to 5x. Strategic acquirers paying premium for category-creating IP and integrated product systems have reached 6 to 8x. Luminary combines experiential, product, and franchise revenue from day one. Returns below apply this band to the Moderate scenario's Year 3 projections, after Round 2 Series A dilution.
Revenue-Multiple Sensitivity
Moderate scenario, Year 3. Revenue: S$9,032K | EBITDA: S$2,576K | Round 1 investor share post-Round 2 dilution: 18.71%.
| Valuation Method | Y3 Enterprise Value | Investor Return | Multiple on Capital |
|---|---|---|---|
| 3x Revenue (private DTC kids brands) | S$27.1M | S$5.07M | 3.38x |
| 5x Revenue (growth-stage premium) | S$45.2M | S$8.45M | 5.63x |
| 8x Revenue (strategic acquirer premium) | S$72.3M | S$13.52M | 9.01x |
| 10x EBITDA (conservative floor) | S$25.8M | S$4.82M | 3.21x |
EBITDA Floor
3.21x
10x Year 3 EBITDA
Revenue Comp
5.63x
5x Year 3 Revenue
Strategic Premium
9.01x
8x Revenue (acquirer premium)
Year 3 valuation excludes the compounding franchise royalty stream beyond Year 3. Returns shown reflect Round 1 seed investors post-Round 2 dilution. Round 2 Series A investors (S$3.5M raise at S$15M pre-money, 18.92% equity post-money) receive separate return profiles not shown on this page.
Singapore-specific anchor: The Learning Lab — SG's #1 premium tuition leader, PE-owned by Advent International — was reportedly positioned for a ~$500M sale in 2021, implying ~5–6x revenue for a services-only enrichment business. MindChamps PreSchool (SGX: CNE) trades at ~0.5x revenue as the public market floor. Global cross-references: Bright Horizons (NYSE: BFAM) at ~1.3x revenue and 13x EV/EBITDA; Lovevery raised at $800M in 2021 against ~$149M 2025 revenue. Luminary is the only enrichment brand in this comp set with AI-native architecture and a multi-channel product platform — categories that command premium multiples individually and have never been combined in this market.
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