Highlights:
- Luminance’s AI has been trained on more than 150 million legally verified documents across various legal domains.
- Luminance reports a sharp rise in demand for legal AI, claiming its customer base has grown fivefold over the past two years.
London-based legal AI startup company Luminance Technologies Ltd. secured USD 75 million in a Series C funding spearheaded by Point72 Investments.
This investment comes amid a surge of funding in the AI legaltech sector. New investors, including Forestay Capital, RPS Ventures, and Schroders Capital, joined the round alongside existing backers such as March Capital, National Grid Partners, and Slaughter and May. With this latest funding, Luminance has raised over USD 115 million in the past year.
Founded in 2015, the company was developed by AI specialists from the University of Cambridge and utilizes proprietary legal AI models, referred to as the “Panel of Judges.” These models streamline contract drafting and negotiation through an AI-powered chatbot that assists with diligence, discovery, and document preparation.
Luminance’s AI has been trained on more than 150 million legally verified documents across various legal domains. Fine-tuned by experts and validated by top law firms, the technology is designed specifically to interpret and process legal language effectively.
The company serves over 700 organizations in 70 countries, with clients including Advanced Micro Devices Inc., Hitachi Ltd., LG Chem Ltd., SiriusXM Holdings Inc., Rolls-Royce, and Lamborghini.
The company recently introduced its flagship product, Lumi Go, which enables two parties to negotiate contracts through its AI-powered chatbot, Ask Lumi. With Lumi Go, recipients receive a “lite” version of Luminance within Microsoft Word when a contract requires review or a signature.
This AI assistant provides real-time feedback to the signer, indicating whether the proposed changes are likely to be accepted by the Luminance customer. Additionally, the Luminance AI can suggest alternative language with a higher chance of approval and seamlessly insert it into the draft with a single click.
“Lumi Go represents more than just a boost in productivity for routine contract negotiations; it offers a glimpse into the future of legal practice as AI continues to become more pervasive,” said Luminance Chief Executive Eleanor Lightbody.
Legal AI startups have been attracting significant investor interest this year as the industry gains momentum. Just last week, in-house corporate legal AI startup Eudia secured USD 105 million in funding. In January, contract lifecycle management AI platform SpotDraft raised USD 54 million, while Eve, an AI startup serving plaintiff law firms, secured USD 47 million.
Luminance reports a sharp rise in demand for legal AI, claiming its customer base has grown fivefold over the past two years. To keep up with this demand, the company expanded its workforce by 80%, reaching 250 employees in 2024, and strengthened its presence in North America with new offices in San Francisco, Dallas, and Toronto.