Luminance’s $75m Series C raise brings total to $115m in a year
Luminance has completed its Series C funding round raising $75million, bringing total funding raised by the company to more than $115m in the last 12 months.
The oversubscribed round was led by Point72 Private Investments, with participation from Forestay Capital, RPS Ventures and Schroders Capital, as well as existing investors including March Capital, National Grid Partners and Slaughter and May.
The round is the largest yet for a pure-play legal AI company in the UK and European market, making it the European legal AI to rival firms in the US.
“Since our initial investment,” said Hyun Koo, partner at March Capital and Luminance board member, “Luminance has made significant strides growing in key markets and in product development.
“Recent wins with major customers such as DHL and AMD highlight its product capabilities, quick time-to-value, and clear ROI, which are increasingly important in enterprise AI adoption. We’re excited to continue working with the Luminance team as they solidify their position as the global leader in legal AI.”
Demand for legal AI has grown dramatically. In its core corporate product offering, Luminance has seen customers increase five times and ARR grow six times in the past two years. To meet this rapid increase in global demand, Luminance grew headcount by 80 per cent in 2024, most notably in North America where headcount tripled with the opening of three brand-new offices in San Francisco, Dallas and Toronto, and the company expanded its US HQ in New York.
Driving this commercial success, Luminance has pioneered a number of world-firsts in AI, demonstrating practical AI applications in a regulated industry – as well as showcasing a powerful growth area in AI: sector-specific applications.
There is a growing trend towards this specificity, and it’s seen as particularly important in the legal sector as it is one of the most highly regulated industries where AI ‘hallucination’ is a critical risk. AI hallucinations occur when artificial intelligence generates incorrect or misleading information. This can happen when AI models are given tasks that are outside of their training data.
Most recently, Luminance has released Lumi Go, a revolution in contract negotiation that enables Luminance customers to send draft agreements to a counterparty and have the AI auto-negotiate on their behalf.
Sri Chandrasekar, managing partner of Point72 Private Investments, said: “We know this market well and strongly believe in the power of next-generation AI to revolutionise contracting processes across the enterprise.
“We are excited to back Luminance as it continues building a specialist and trusted technology that has already been adopted by many of the world’s largest organisations. Their team, strategy and vision positions them well to win this market.”
Eleanor Lightbody, CEO of Luminance, said: “This funding is all about innovation, expansion and scaling. It supercharges our US growth, where 40 per cent of our revenue is already generated, and will fuel key hires and new offices across the US, APAC and Europe.
“It also accelerates innovation at our Cambridge R&D hub as we expand Luminance’s AI platform to legal adjacent use cases in procurement and compliance.
“With Point72 Private Investments’ deep legal tech expertise, we are setting the benchmark for end-to-end, legal-grade AI for enterprise.”
