Luminance, a London, UK-based legal technology firm, has secured $40 million in Series B funding.
Investors
The round was led by U.S. venture fund March Capital, with participation from National Grid Partners and the law firm Slaughter and May.
March Capital is a growth-stage venture firm investing in enterprise technology companies with established product-market fit ready to scale up rapidly. With over $1.65 billion in capital across four funds and investments in more than 25 market-leading technology companies, March accelerates the digital transformation of cloud-based software, automation, AI, and IT infrastructure.
Luminance Use of Funds
The company intends to use the funds to grow its footprint in the United States.
About Luminance
Founded in 2015, Luminance is a legaltech company that provides an AI platform for the legal processing of contracts and documents. Luminance’s specialist legal Large Language Model (LLM) automates the generation, negotiation, and analysis of contracts and other legal documents for a rapidly growing customer base spanning 600 organizations in 70 countries. Its clients include global manufacturers such as Koch Industries, Hitachi, and Yokogawa, insurers including Liberty Mutual, and pharmaceutical giants such as LG Chem.
Funding Details
Company: Luminance Technologies Ltd.
Raised: $40.0M
Round: Series B
Funding Month: April 2024
Lead Investors: March Capital
Additional Investors: National Grid Partners, Slaughter and May
Company Website: https://www.luminance.com/
Software Category: Legal
Source: https://www.luminance.com/news/press/20240402_luminance_raises.html