Luminance has raised $40m Sequence B funding led by Santa Monica-based growth-stage enterprise agency, March Capital, with participation from National Grid Partners and different current traders, together with magic circle legislation agency Slaughter and May.
Luminance automates the era, negotiation and evaluation of contracts and different authorized paperwork, working with clients corresponding to international producers Koch Industries, Hitachi and Yokogawa; insurers Liberty Mutual; and pharmaceutical giants LG Chem. We wrote a narrative concerning the seven-figure-deal work they’re doing with UK high 50 legislation agency Clyde & Co here.
We’re advised that Luminance noticed 5x ARR progress within the final two years, and that this newest funding spherical will probably be used to speed up Luminance’s international progress and broaden its footprint within the U.S.
In its final accounts filed at Firms Home on the finish of 2023 for the 12 months ended 31 December 2022, Luminance’s income grew from £3.8m to £5.9m however it recorded an working loss and had web liabilities of £13m. In April 2023 is accomplished a brand new fairness financing spherical through which long-term liabilities at 12 months finish had been transformed to fairness, leading to a constructive web asset stability.
“The previous 12 months have seen enormous technical achievements from our Cambridge R&D hub. Developments corresponding to ‘Auto Mark-Up’, which brings agreements into line with gold requirements in a click on, and AI-powered instruments for non-legal groups to independently negotiate contracts, make Luminance essentially the most superior authorized LLM obtainable in the present day,” stated Eleanor Lightbody, CEO of Luminance. “This newest spherical of funding will assist us to convey our expertise to new markets, strengthen our foothold in america the place Luminance now generates over one third of its income, and solidify our place because the clear market chief on this house.”
Ian Cooper, managing director at Nationwide Grid Companions, added: “The ability and utilities sector, as a regulated business, offers with an enormous quantity of authorized and contractual documentation. Luminance’s revolutionary authorized LLM and superior AI assistant reveals nice promise in having the ability to relieve contract processing bottlenecks and improve contract efficiency monitoring. We’re optimistic that Luminance’s platform will probably be a helpful instrument for energy and utilities clients.”
Luminance raised its $10m Sequence A in November 2017 led by Talis Capital, Invoke Capital and Slaughter and Could. Authorized IT Insider first revealed in 2017 that Slaughter and Could had, at the moment, a 5% stake within the firm, and was an early adopter of the expertise.
The Sequence A valued Luminance at $50m and the Sequence B $100m.
This story is being up to date.