Luminance, a London-based legal artificial intelligence startup, has raised $75 million in a Series C funding round led by Point72 Investments. The round also saw participation from new investors Forestay Capital, RPS Ventures, and Schroders Capital, as well as existing investors March Capital, National Grid Partners, and Slaughter and May. This brings the total amount raised by the company to over $115 million in the past 12 months.
Founded in 2015 by AI experts from the University of Cambridge, Luminance specializes in legal AI models collectively referred to as the “Panel of Judges.” The company’s technology automates contract preparation and negotiation, providing analysis and assistance through a chatbot. This AI assistant helps with overview, diligence, discovery, and drafting of legal documents. Luminance’s AI models have been trained on over 150 million legally verified documents from various fields of law.
This ensures they are fine-tuned by experts and validated by top law firms, making Luminance’s AI highly capable of handling complex legal language.
Luminance secures large funding boost
The company has a client list of over 700 organizations across 70 countries, including Advanced Micro Devices Inc., Hitachi Ltd., LG Chem Ltd., SiriusXM Holdings Inc., Rolls-Royce, and Lamborghini.
Luminance recently launched its flagship product, Lumi Go, which allows two parties to negotiate contracts through its AI-powered chatbot, Ask Lumi. The platform also integrates within Microsoft Word to provide real-time feedback to contract signers. The AI system suggests alternative language that has a higher chance of approval and can insert these suggestions into the draft with a single click.
Luminance Chief Executive Eleanor Lightbody said, “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.
The legal tech industry has seen significant investor interest recently, with numerous startups receiving funding. Luminance reports that the demand for legal AI has grown dramatically, with the company’s customer base increasing fivefold in the past two years. To meet this growing demand, Luminance expanded its headcount by 80% to 250 employees in 2024 and expanded its footprint, particularly in North America, with the opening of three offices in San Francisco, Dallas, and Toronto.
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