You can update the board's firmware by opening the QuNeo Editor with the QuNeo connected, going up to the Hardware menu at the top and selecting Update Firmware. A progress bar will appear in the editor and the QuNeo's mode button should light up blue and start flashing while the firmware is updating.

Also, if the firmware currently on the QuNeo differs from the version in the QuNeo Editor it should automatically prompt you to update your firmware. Click OK if you would like to go ahead with the firmware update or click Cancel if you would rather do that on your own.