Luma AI Review — The Multimodal Creative OS Behind Dream Machine

Luma AI started as a NeRF-powered 3D capture tool in 2021 and has since become one of the most technically serious players in AI video and image generation. With Ray3 HDR, the Photon image model, UNI-1, an official MCP server, $1B+ raised, Adobe and Publicis partnerships, and a $900M Series C led by Saudi-backed Humain, Luma is building what it calls 'the multimodal creative OS.' We review the technology, the products, the business model, and whether Dream Machine's ambitions hold up.