Luminance, a leader in legal-grade AI, announced that it has raised $40 million in a Series B funding round. March Capital led the round, which included participation from National Grid Partners and other existing investors, including Slaughter and May.
Luminance’s legal Large Language Model (LLM) automates the generation, negotiation, and analysis of contracts and other legal documents for a rapidly growing customer base that spans 600 organizations in 70 countries. These include global manufacturers like Koch Industries, Hitachi, and Yokogawa, insurers like Liberty Mutual, and pharmaceutical giants like LG Chem.
The company has seen ARR growth five times in the last two years, and this latest funding round will propel Luminance’s global growth and expand its footprint in the U.S. as the company continues to drive unprecedented innovation and leadership in the legal AI market.
Luminance’s technology has been used in several world-firsts for AI. For example, during a live demonstration to the BBC, Luminance became the first AI in the world to completely automate the negotiation of a contract, without human intervention, between two opposing parties. And Luminance was also the first use of AI at London’s highest criminal court, the Old Bailey, which allowed counsel to cut the time spent reviewing evidence by four weeks.
KEY QUOTES:
“The past 12 months have seen huge technical achievements from our Cambridge R&D hub. 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 independently negotiate contracts, make Luminance the most advanced legal LLM available today. 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.”
– Eleanor Lightbody, CEO of Luminance
“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.”
– Hyun Koo, Partner at March Capital
“The power and utilities sector, as a regulated industry, deals with a vast amount of legal and contractual documentation. Luminance’s innovative legal LLM and advanced AI assistant shows great promise in being able to relieve contract processing bottlenecks and enhance contract performance monitoring. We’re optimistic that Luminance’s platform will be a valuable tool for power and utilities customers.”
– Ian Cooper, Managing Director at National Grid Partners
“As an early investor in Luminance, we have always seen the vision for the technology and the business. It is fantastic to see the market validating our belief in the ground-breaking innovation that the company is bringing to the sector. AI is having a significant impact on the legal landscape, and it is rewarding to see Luminance having established itself as the leader in the market.”
– Sally Wokes, Partner at Slaughter and May
