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Luminance has raised $40m Collection B funding led by Santa Monica-based growth-stage enterprise agency, March Capital, with participation from Nationwide Grid Companions and different current traders, together with magic circle regulation agency Slaughter and Might.
Luminance automates the era, negotiation and evaluation of contracts and different authorized paperwork, working with clients similar to world producers Koch Industries, Hitachi and Yokogawa; insurers Liberty Mutual; and pharmaceutical giants LG Chem. We wrote a narrative concerning the seven-figure-deal work they’re doing with UK high 50 regulation agency Clyde & Co right here.
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We’re informed that Luminance noticed 5x ARR progress within the final two years, and that this newest funding spherical shall be used to speed up Luminance’s world progress and increase its footprint within the U.S.
In its final accounts filed at Corporations Home on the finish of 2023 for the yr ended 31 December 2022, Luminance’s income grew from £3.8m to £5.9m however it recorded an working loss and had web liabilities of £13m. In April 2023 is accomplished a brand new fairness financing spherical by which long-term liabilities at yr finish have been transformed to fairness, leading to a optimistic web asset steadiness.
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“The previous 12 months have seen large technical achievements from our Cambridge R&D hub. Developments similar to ‘Auto Mark-Up’, which brings agreements into line with gold requirements in a click on, and AI-powered instruments for non-legal groups to independently negotiate contracts, make Luminance probably the most superior authorized LLM accessible right now,” stated Eleanor Lightbody, CEO of Luminance. “This newest spherical of funding will assist us to convey our expertise to new markets, strengthen our foothold in the USA the place Luminance now generates over one third of its income, and solidify our place because the clear market chief on this house.”
Ian Cooper, managing director at Nationwide Grid Companions, added: “The ability and utilities sector, as a regulated business, offers with an unlimited quantity of authorized and contractual documentation. Luminance’s progressive authorized LLM and superior AI assistant exhibits nice promise in with the ability to relieve contract processing bottlenecks and improve contract efficiency monitoring. We’re optimistic that Luminance’s platform shall be a worthwhile instrument for energy and utilities clients.”
Luminance raised its $10m Collection A in November 2017 led by Talis Capital, Invoke Capital and Slaughter and Might. Authorized IT Insider first revealed in 2017 that Slaughter and Might had, at the moment, a 5% stake within the firm, and was an early adopter of the expertise.
The Collection A valued Luminance at $50m and the Collection B $100m.
This story is being up to date.
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