Legal Tech Startup Luminance Raises $40 Million in Series B Funding
April 4, 2024, 3:35 pm
Location: United Kingdom, England, London
Employees: 51-200
Founded date: 2015
Total raised: $43M
Luminance, a legal tech startup, has secured $40 million in Series B funding, riding the wave of AI hype in the legal industry. The funding round was led by U.S. venture fund March Capital, with participation from National Grid Partners and law firm Slaughter and May.
Luminance's CEO, Eleanor Lightbody, revealed that the company's annual recurring revenue has skyrocketed in the past two years, attracting notable clients such as Koch Industries, Hitachi, and BBC Studios. The company's focus on AI tools for contract reviews has resonated with businesses looking to stay competitive and reduce costs.
The legal tech firm, founded in 2015, has developed machine learning models to automate contract reviews and streamline the signing process. With the latest funding, Luminance plans to expand its presence in the U.S. market and continue developing innovative AI solutions for the legal sector.
Investors, including March Capital, see the potential in Luminance's specialized AI approach for the legal field. The company's proprietary large language model (LLM) has already made significant strides in automating legal workflows and improving efficiency for clients worldwide.
Despite controversies surrounding its backer, Mike Lynch, Luminance remains focused on its mission to revolutionize the legal industry with cutting-edge AI technology. The company's commitment to innovation and growth has positioned it as a leader in the legal tech space, with plans to further expand its reach and impact in the coming years.
Luminance's CEO, Eleanor Lightbody, revealed that the company's annual recurring revenue has skyrocketed in the past two years, attracting notable clients such as Koch Industries, Hitachi, and BBC Studios. The company's focus on AI tools for contract reviews has resonated with businesses looking to stay competitive and reduce costs.
The legal tech firm, founded in 2015, has developed machine learning models to automate contract reviews and streamline the signing process. With the latest funding, Luminance plans to expand its presence in the U.S. market and continue developing innovative AI solutions for the legal sector.
Investors, including March Capital, see the potential in Luminance's specialized AI approach for the legal field. The company's proprietary large language model (LLM) has already made significant strides in automating legal workflows and improving efficiency for clients worldwide.
Despite controversies surrounding its backer, Mike Lynch, Luminance remains focused on its mission to revolutionize the legal industry with cutting-edge AI technology. The company's commitment to innovation and growth has positioned it as a leader in the legal tech space, with plans to further expand its reach and impact in the coming years.