London-based legaltech startup Luminance has successfully closed a $75 million Series C funding round, further bolstering its impressive growth trajectory. This round brings Luminance's total funding over the past year to over $115 million and a total of $165 million since its inception. The funding round was led by Point72 Private Investments, with participation from several notable investors including Forestay Capital, RPS Ventures, Schroders Capital, March Capital, National Grid Partners, and Slaughter and May.
The substantial investment will fuel Luminance's expansion plans, particularly in the US market where it already generates 40% of its revenue. The funds will be used to support key hires, establish new offices across the US, Asia-Pacific, and Europe, and drive further innovation within its AI-powered legal platform.
Luminance's platform leverages a proprietary Legal Large Language Model (LLM) to streamline legal document processing for businesses. Its features include contract analysis, information extraction, and a chatbot capable of answering complex legal questions, significantly enhancing efficiency and accuracy in contract management.
This latest funding round underscores the growing demand for AI-driven solutions in the legal sector and highlights Luminance's position as a leader in this rapidly evolving market.
