Luminance, the pioneering company in the realm of Generative AI-for-law, has successfully closed a $40 million Series B funding round. This milestone underscores Luminance’s commitment to revolutionizing the legal profession by leveraging cutting-edge technology to automate various aspects of legal work traditionally performed by paralegals.
The Series B round was led by March Capital, a prominent investor in technology companies driving digital transformation, with participation from National Grid Partners and existing investors such as Slaughter and May.
Luminance’s flagship product, an advanced legal LLM (Legal Language Model), streamlines the generation, negotiation, and analysis of contracts and legal documents. From identifying non-standard clauses in incoming contracts to suggesting preferred language and pinpointing areas of non-compliance and key terms in executed agreements, Luminance’s software offers unparalleled efficiency and accuracy. Notably, Luminance’s technology has been instrumental in expediting legal proceedings, including at London’s prestigious criminal court, the Old Bailey, where it helped reduce evidence review time by four weeks.
With a customer base spanning 600 organizations across 70 countries, including Fortune 500 companies and industry leaders such as Koch Industries, Hitachi, Yokogawa, Liberty Mutual, and LG Chem, Luminance has established itself as a global leader in legal AI solutions.
The funding secured in this round will enable Luminance to further expand its presence in the United States, where it already generates a significant portion of its revenue. Eleanor Lightbody, CEO of Luminance, expressed confidence in the company’s technological advancements and its potential to penetrate new markets while solidifying its position as the premier provider of legal AI solutions.
Hyun Koo, Partner at March Capital, emphasized the transformative impact of Luminance’s technology on legal workflows, citing its ability to drive efficiency and address complexities inherent in the legal industry. March Capital’s investment underscores its belief in Luminance’s vision and its commitment to supporting the company’s growth and global expansion efforts.
As Luminance continues to push the boundaries of innovation in the legal domain, its Series B funding marks a significant step forward in its mission to reshape the future of legal practice through AI-driven solutions.
