Cambridge-based Luminance, a legal-grade AI company, announced on Tuesday, April 2, that it has raised $40M (approximately €37M) in a Series B funding round led by March Capital, with participation from National Grid Partners and other existing investors, including Slaughter and May.
The company will use the funds to accelerate its global growth and expand its operations in the US.
“This latest round of funding will help us to bring our technology to new markets, strengthen our foothold in the United States, where Luminance now generates over one-third of its revenue, and solidify our position as the clear market leader in this space,” says Eleanor Lightbody, CEO of Luminance.
Luminance Pioneering ‘legal-grade’ AI
Founded by AI experts from Cambridge University, Luminance is an AI platform for lawyers.
The company has developed its own legal Large Language Model (LLM) powered by AI, which is capable of reading and comprehending legal documents in any language.
With this capability, the company can facilitate a wide range of tasks, such as conducting a first review of contracts and detecting contractual irregularities, identifying areas of non-compliance, and applying advanced Al-driven ECA and TAR for Discovery matters.
“Our Cambridge R&D hub has made huge technical achievements in the past 12 months. Developments such as ‘Auto Mark-Up,’ which brings agreements into line with gold standards in a click, and AI-powered tools for non-legal teams to negotiate contracts independently, make Luminance the most advanced legal LLM available today,” adds Eleanor Lightbody.
Luminance’s specialist legal Large Language Model (LLM) automates the generation, negotiation, and analysis of contracts and other legal documents for a rapidly growing customer base spanning 600 organisations in 70 countries.
These include global manufacturers such as Koch Industries, Hitachi, and Yokogawa, insurers such as Liberty Mutual, and pharmaceutical giants such as LG Chem.
The company claims to have witnessed 5x ARR growth in the last two years.
Currently, Luminance is working with 600 organisations in 70 countries, from global manufacturers such as Koch Industries, Hitachi, and Yokogawa to insurers including Liberty Mutual, and pharmaceutical giants such as LG Chem.
In 2023, Luminance became the first AI to fully automate a contract negotiation between two parties without humans. It also helped counsel at the Old Bailey reduce evidence review time by four weeks—another first for AI.
The investor
With $1.65B+ in capital across four funds and 25+ market-leading technology companies, March Capital accelerates the digital transformation of cloud-based software, automation, AI, and IT infrastructure.
Hyun Koo, Partner at March Capital, adds, “We invest in AI-native companies solving large, mission-critical problems. Given the inefficiencies and complexity that exist today in legal workflows, we immediately saw the potential for Luminance to drive efficiency with its industry-leading LLM. Luminance’s breadth of enterprise customers speaks to its capabilities, and we are thrilled to partner with their highly technical and growth-minded team to help build a successful, leading, and global legal AI company.”
Read the orginal article: https://siliconcanals.com/news/startups/luminance-secures-37m/
