Legal technology company Luminance, which sells software to automate the contracts process for legal teams, said on Tuesday that it has raised $40 million in a new funding round led by Santa Monica-based venture firm March Capital.
National Grid Partners and the London-based law firm Slaughter and May were also among the investors in the Series B round of funding for Cambridge, England-based Luminance.
Luminance says its technology automates the process of creating, negotiating and analyzing contracts and other legal documents.
Contracts have been a longtime focus of legal technology developers, and products have increasingly incorporated AI. DraftWise, Spellbook and RobinAI are other AI contracts-focused companies that have raised fresh capital in 2024.
Eleanor Lightbody, CEO of Luminance, said the company is different from competitors because it built its own large language model that has been exposed to millions of legal contracts.
The eight-year-old company at first sold its technology mostly to law firm customers, including Clyde & Co, Lightbody said. Luminance hit an “inflection point” two years ago when it also started selling to corporate customers, which have driven recent growth, she said.
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Koch Industries, Hitachi, Liberty Mutual and LG Chem are customers, according to the company.
Luminance, founded in 2015, raised $10 million in a 2019 funding round that valued the company at $100 million, it said at the time. A spokesperson said Tuesday that the company is not disclosing the current valuation.
The company, which Lightbody said has about 150 employees, will use the new funding in part to expand further in the United States.
