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Luminance Raises $40M to Advance Legal AI

Luminance has secured a staggering $40 million in its Series B round to fulfill the potential for Legal Language Models
April 3, 2024

Breaking news from the legal tech sphere: Luminance, the pioneering company behind cutting-edge legal artificial intelligence, has just closed an impressive $40 million Series B funding round. Spearheaded by March Capital and joined by National Grid Partners and established investors like Slaughter and May, this funding injection marks a significant milestone for Luminance as it continues to revolutionize the legal landscape.

Luminance's innovative legal LLM (Legal Language Model) is poised to transform traditional legal processes, aiming to fulfill a long-standing prophecy within legal circles since the advent of ChatGPT: the potential for LLMs to assume the lion's share of paralegal duties. By harnessing the power of AI, Luminance's platform automates the creation, review, and analysis of legal documents, streamlining workflows and enhancing efficiency across the board.

With a client roster spanning 600 organizations across 70 countries, including industry titans like Koch Industries, Hitachi, and Liberty Mutual, Luminance has firmly established itself as a global leader in legal AI solutions. Notably, their technology has already made waves at London's prestigious Old Bailey, where it significantly expedited the evidence review process, saving counsel valuable time.

Eleanor Lightbody, CEO of Luminance, expressed her enthusiasm for the company's recent technological advancements and strategic expansion plans. Leveraging the latest funding round, Luminance aims to further penetrate the U.S. market, where it already generates a significant portion of its revenue, while solidifying its position as the foremost innovator in legal AI.

Hyun Koo, Partner at March Capital, emphasized the transformative potential of Luminance's AI-native approach to addressing the inefficiencies inherent in legal workflows. With a commitment to supporting companies that tackle mission-critical challenges, March Capital is excited to join forces with Luminance on its journey to redefine the legal landscape through technological innovation and visionary leadership.

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