Luminance, calling itself the leader in ‘legal-grade’ AI, announced that it has raised $40 million in a Series B funding round. The investment is led by Santa Monica-based growth-stage venture firm, March Capital, with participation from National Grid Partners and other existing investors, including Slaughter and May.
Luminance’s specialist legal Large Language Model (LLM) automates the generation, negotiation and analysis of contracts and other legal documents for a rapidly growing customer base spanning 600 organisations in 70 countries, from global manufacturers such as Koch Industries, Hitachi and Yokogawa, to insurers including Liberty Mutual, as well as pharmaceutical giants such as LG Chem.
Off the back of 5x ARR growth in the last two years, this latest funding round will be used to propel Luminance’s global growth and expand its footprint in the U.S. as the Cambridge-born company continues to drive innovation in the legal AI market.
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