TLDR:
Key Points:
- Luminance, a legal tech startup backed by Mike Lynch, raised $40 million in a Series B funding round.
- The company’s annual recurring revenue has grown significantly in the past two years, with notable clients like Koch Industries and LG Chem.
Legal technology firm Luminance has secured $40 million in funding to expand its U.S. presence, riding the AI wave. The round was led by March Capital, with investments from National Grid Partners and Slaughter and May law firm. The company’s CEO, Eleanor Lightbody, highlighted the impact of AI on business competitiveness and cost reduction. Luminance’s focus on domain-specific AI models has garnered investor interest, separate from the trend of general AI solutions. The company’s Autopilot tool, an autonomous contract negotiation AI, has launched, utilizing its own large language model technology. Despite controversy surrounding founder Mike Lynch, Luminance remains unaffected and plans to expand its operations in the U.S.
