Luminance, a generative AI legal tech company, has raised $40m (£31.8) in a Series B funding round to support its US growth.
The London and Cambridge-based firm has developed a large language model (LLM) to automate contract creation and management. The Luminance LLM can generate, negotiate and analyse contracts and other legal documents.
According to Luminance, its technology is used by 600 organisations across 70 countries.
Luminance CEO Eleanor Lightbody said the new funding would help the company bring its products to new markets, with a focus on strengthening its position in the US. Lightbody said Luminance’s US business generates more than one-third of the firm’s revenue.
The funding round was led by Californian investor March Capital and featured participation from National Grid Partners and Slaughter and May.
“Given the inefficiencies and complexity that exist today in legal workflows, we immediately saw the potential for Luminance to drive efficiency with its industry-leading LLM,” said March Capital partner Hyun Koo.
“Luminance’s breadth of enterprise customers speaks to its capabilities, and we are thrilled to partner with their highly technical and growth-minded team to help build a successful, leading and global legal AI company.”
Luminance has previously been backed by Invoke Capital, a tech investment group founded by Mike Lynch.
The use of generative AI in the legal sector is growing rapidly, with fellow contract generation startup Robin AI securing £20.6m earlier this year.
Listen: How AI is transforming the legal sector – Robin AI founder Richard Robinson
