The company was founded in 1914 in Petrograd (now Saint Petersburg).
It was established as a French - Russian limited company to produce lenses and cameras. It manufactured gun sights during World War I. In 1919, it was nationalised. In the ensuing years, the state optical industries were reorganised several times. In 1921, the factory was named the Factory of State Optics, G.O.Z. In 1925, camera production was resumed, and several lens designs tested between 1925 and 1929. In 1928, the factory was ordered to manufacture a 9x12 camera, known as the FOTOKOR.
Further reorganisations of the Soviet optical factories in several stages finally resulted in that the factory at Leningrad became GOMZ, the Russian Optical and Mechanical Factory.
In the transition period 1932 to 1935 a copy of the Leica camera was developed, the VOOMP I. It was followed by the VOOMP II or the "Pioneer" that was manufactured in small numbers. Simultaneously designers began the development of a single-lens reflex camera for 35mm cine film, possibly inspired by similar work in Germany, especially at Zeiss Ikon in Dresden, since the lens mount is quite similar to that of the Contax cameras of the time. Zeiss themselves were not allowed to pursue their ideas, due to the German armament. The new camera, called the "Sport", was introduced at about the same time as the Ihagee Kine Exakta in 1936.
Today LOMO makes military optics, scientific research instruments, criminological microscopes, medical equipment, and a range of consumer products. It produced the first Russian camera in 1930.
Known as GOMZ (State Optical-Mechanical Plant), the company was transformed under the direction of Mikhail Panfilov, who united several industries and founded the LOMO Association in 1962. Panfilov was the General Director until 1984, when he retired and was replaced by Georgy Khizha as Director General. In 1990 - 1997 Ilya Klebanov was the Director General of LOMO Association.
Amateur movie equipment brands were LOMO and AVRORA for cameras and Russ for projectors. Ritm is also used after LOMO for professional sound equipment. It produced the one and only Super 8 sound camera and projector in the USSR. It was also the main Soviet producer for professional grade cine lenses, including anamorphic lenses.

Film shot with LOMO ILLUMINA MKIII

LOMO ILLUMINA MKIII