Luminance today (18 February) announced that it has raised a $75m (£59m) Series C funding round, taking the total amount raised in the last 12 months to over $115m. The oversubscribed round was led by Point72 Private Investments, with participation from Forestay Capital, RPS Ventures and Schroders Capital, as well as existing investors including March Capital, National Grid Partners and Slaughter and May, which this publication first revealed was an early investor in Luminance.
Developed by AI experts from the University of Cambridge, Luminance now works with over 700 organisations in 70+ countries. Its customers include blue-chip clients such as AMD, Hitachi, LG Chem, SiriusXM, Rolls-Royce and Lamborghini. Private practice customers include White & Case, Clifford Chance, Clyde & Co, and Slaughter and May.
Demand for legal AI has grown dramatically and in its core corporate product offering, Luminance says it has seen customers increase five times and ARR grow six times in the past two years. To meet this rapid increase in global demand, Luminance grew headcount by 80% in 2024, most notably in North America where headcount tripled with the opening of three brand-new offices in San Francisco, Dallas and Toronto, and the company expanded its US HQ in New York.
Luminance recently released Lumi Go, a contract negotiation tool that enables
Luminance customers to send draft agreements to a counterparty and have the AI “auto-negotiate” on their behalf. Luminance send a contract to a counterparty for signature as part of their normal workflow and the recipient will receive access to a ‘lite’ version of Luminance within Microsoft Word, comprising Luminance’s AI-powered contract review and chatbot functionality, Ask Lumi. As the counterparty marks up the contract, they will receive real-time feedback on whether proposed changes are likely to be accepted by the Luminance customer or not. Lumi Go also suggests alternative language that has a high chance of approval, which can be inserted by the counterparty.
Eleanor Lightbody, CEO of Luminance, said: “This funding is all about innovation, expansion
and scaling. It supercharges our US growth, where 40% of our revenue is already generated, and will fuel key hires and new offices across the US, APAC and Europe. It also accelerates innovation at our Cambridge R&D hub as we expand Luminance’s AI platform to legal adjacent use cases in procurement and compliance. With Point72 Private Investments’ deep legal tech expertise, we are setting the benchmark for end-to-end, legal-grade AI for enterprise.”
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