Luminance, a legal technology company offering software to streamline contract processes for legal teams, announced raising $40 million in a new funding round. March Capital, a venture firm based in Santa Monica, led the investment.
National Grid Partners and London-based law firm Slaughter and May also participated in this Series B funding round for Luminance, headquartered in Cambridge, England.
Luminance asserts that its technology streamlines the creation, negotiation, and analysis of contracts and other legal documents. Legal tech developers have long concentrated on enhancing contract-related processes, with many incorporating AI.
In 2024, other AI-focused contract companies like DraftWise, Spellbook, and RobinAI have also secured new funding.
Eleanor Lightbody, CEO of Luminance, emphasized the company’s uniqueness among competitors. Luminance developed its extensive language model, exposed to millions of legal contracts, setting it apart in the industry.
Initially, the eight-year-old company primarily marketed its technology to law firm customers, such as Clyde & Co., according to Lightbody. However, Luminance experienced a significant turning point two years ago when it also began catering to corporate customers. This expansion into corporate clientele has been a key driver of the company’s recent growth.
According to the company, Koch Industries, Hitachi, Liberty Mutual, and LG Chem are among its customers.
Founded in 2015, Luminance raised $10 million in a funding round in 2019, valuing the company at $100 million. However, the company has not disclosed the current valuation.
With approximately 150 employees, the company, according to Lightbody, plans to use the new funding to expand its presence in the United States.
