The funds will be used to expand the company's presence in the U.S., where it currently generates over a third of its revenue. Luminance's CEO, Eleanor Lightbody, highlighted the company's recent technical achievements and expressed her intention to bring their technology to new markets. March Capital's Partner, Hyun Koo, praised Luminance's potential to drive efficiency in legal workflows and expressed excitement about partnering with the company.
Key takeaways:
- Luminance has raised $40M in a Series B funding round led by March Capital, with participation from National Grid Partners and existing investors including Slaughter and May.
- The company's legal LLM automates the generation, negotiation, and analysis of contracts and other legal documents, and has been used in London’s highest criminal court, the Old Bailey.
- Luminance's customer base spans 600 organisations in 70 countries, including global manufacturers, insurers, and pharmaceutical giants. The funding will be used to expand the company's footprint in the U.S.
- Eleanor Lightbody, Luminance’s CEO, highlighted the company's technical achievements over the past 12 months and expressed the intention to bring their technology to new markets and strengthen their foothold in the United States.