Luminance raises £31.8m in Series B funding led by March Capital to scale international operations.
March Capital led the Series B round with backing from National Grid Partners and Slaughter and May to fund expansion in the United States.
Luminance provides specialist legal-grade artificial intelligence to automate and streamline contract generation, negotiation and analysis for global enterprises.
Luminance has secured £31.8m in a Series B funding round led by March Capital, with participation from National Grid Partners and Slaughter and May. The company will direct the capital towards expanding its international footprint, with a particular focus on growing operations in the United States.
The investment follows a period of rapid commercial expansion, during which the firm recorded a fivefold increase in annual recurring revenue over two years. Luminance deploys its proprietary large language model to streamline workflows for more than 600 client organisations worldwide.
From the founder
"This latest round of funding will help us to bring our technology to new markets, strengthen our foothold in the United States where Luminance now generates over one third of its revenue, and solidify our position as the clear market leader in this space."
Eleanor Lightbody
CEO at Luminance
Investor perspective
"We invest in AI-native companies solving large, mission critical problems. 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. 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."
Hyun Koo
Partner, March Capital
Use of funds
- 01Expand into international markets
