STARTUP-STORIES

Luminance Secures $40 Million to Fuel AI-Powered Contract Automation

SUMMARY

⏺ Luminance, a legal tech company, secured $40 million in funding to fuel its AI-powered contract automation software.

⏺ Luminance's technology stands out due to its unique legal-grade AI model, specifically trained for legal contracts.

⏺ The company plans to use the funding to expand its reach in the US market and further empower corporate legal teams.

Cambridge, England, April 3, 2024 – Legal technology leader Luminance has announced securing $40 million in a Series B funding round. This investment, led by Santa Monica venture firm March Capital, will propel Luminance's mission to revolutionize contract management through artificial intelligence (AI).

Streamlining Contracts with Next-Generation AI

Luminance offers a cutting-edge software solution designed to automate the entire contract lifecycle, encompassing creation, negotiation, and analysis. This innovative technology empowers legal teams to streamline workflows and enhance efficiency.

Standing Out from the Crowd: Legal-Grade AI Makes the Difference

The legal technology landscape is brimming with solutions for contract management, with many incorporating AI functionalities. However, Luminance distinguishes itself by leveraging a proprietary large language model (LLM) specifically built for legal applications. This "legal-grade" AI, meticulously trained on millions of legal contracts, delivers unparalleled accuracy and comprehension, setting Luminance apart from competitors.

Shifting Focus: Empowering Corporate Legal Teams

While Luminance initially catered primarily to law firms (including prestigious clients like Clyde & Co), the company has recently shifted its focus to empowering corporate legal teams as well. This strategic move has fueled significant growth for Luminance, attracting industry giants such as Koch Industries, Hitachi, Liberty Mutual, and LG Chem.

Building on Success: Continued Growth and US Expansion

Founded in 2015, Luminance has experienced a remarkable trajectory. The company's previous funding round in 2019 secured $10 million and valued Luminance at $100 million. While the current valuation remains undisclosed, the company's future appears bright. With a team of roughly 150 employees, Luminance plans to leverage the fresh capital to accelerate its expansion, particularly in the United States market.

Investing in the Future of Legal Work

Luminance's funding success underscores the burgeoning demand for AI-powered legal solutions. By automating tedious tasks and providing deeper insights into contracts, Luminance empowers legal teams to focus on strategic initiatives and deliver exceptional value. This investment not only propels Luminance's growth but also signifies a significant step towards a future where AI redefines the legal landscape.