London legal AI firm Luminance valued at $100m
Luminance, a London-based artificial intelligence platform for the legal profession, said it has raised $10m in its latest fundraising, valuing the firm at $100m.
The latest raising was secured from from existing investors Invoke Capital, Talis Capital and Slaughter and May.
The company said the funds will be used to support Luminance’s recent product expansion and global growth, with the company now having four offerings, five global offices and over 70 employees since launching in 2016.
Whether used for legal due diligence, compliance reviews or eDiscovery, Luminance’s technology operates on advanced pattern recognition and machine learning algorithms that behave much like the human brain, sorting through high-volume documentation and flagging anomalies at speed, offering lawyers greater control and insight into their documents.
“2018 was a year of significant achievement for Luminance,” said Emily Foges, CEO of Luminance.
“We have expanded from one product to four, owing to the flexibility and innovative nature of our core technology. This has enabled a remarkable rate of global customer acquisition over the last 12 months and these funds will valuably support this continued expansion.”
In just two years, the company’s technology has been deployed in over 40 countries and is used by thousands of lawyers on a daily basis.The company said that last year its customer base increased by over 150%, with global employee headcount more than doubling in order to meet this demand.
“Luminance remains the only true application of machine learning for legal language present in the market today,” said Vanessa Colomar, Partner at Invoke Capital. “The company’s success over the past two years is indicative of the fundamentally different solution it is providing to law firms and in-house legal teams and we are pleased to back the business through its next stage of growth.”
Invoke Capital is an investment firm founded by former Autonomy Chief Executive Officer, Mike Lynch.
And Vasile Foca, Managing Partner and Co-founder of Talis Capital, added: “Luminance has undoubtedly become the market leader in its field and has set the industry benchmark for truly AI-driven legal solutions both technologically and commercially. The legal profession’s adoption of technology, particularly with Luminance, is becoming ever-more present and essential in delivering greater efficiencies whilst providing best in class customer service.