Luminance, London-Based Legal AI Company, Raises £32 Million for Expansion into the US Market

April 3, 2024

The legal landscape is undergoing a significant transformation with the integration of artificial intelligence (AI), as evidenced by a recent survey indicating a substantial increase in the adoption of generative AI tools among lawyers. According to the survey, the number of legal professionals utilizing AI tools like Luminance at least once a month has more than doubled in just six months, highlighting the growing reliance on AI-driven solutions to streamline legal processes.

Luminance, a leading provider of proprietary legal AI technology, is at the forefront of this revolution, offering innovative solutions to automate the negotiation of contracts and other legal documents. By harnessing the power of AI, Luminance accelerates traditionally time-consuming tasks, significantly reducing the time and resources required for contract review and negotiation.

Eleanor Lightbody, CEO of Luminance, credits the company’s rapid growth and success to its cutting-edge AI model and continuous technological advancements. Notably, Luminance’s AI-powered tools, such as ‘Auto Mark-Up’, enable users to effortlessly align agreements with industry standards with just a click, while also empowering non-legal teams to independently negotiate contracts. With a diverse customer base spanning 600 organizations across 70 countries, including global giants like Koch Industries and LG Chem, Luminance has established itself as a leader in the legal AI space.

Founded in Cambridge, Luminance has experienced remarkable growth, achieving a fivefold increase in annual recurring revenue over the past two years. Sally Wokes, partner at Slaughter and May and an early investor in Luminance, lauds the company’s groundbreaking innovation and its transformative impact on the legal sector. As AI continues to revolutionize the way legal professionals work, Luminance remains at the forefront, driving efficiency, accuracy, and productivity in legal operations worldwide.