Luminance, the pioneer in Legal-Grade™ AI, announced that it has raised $75 million in a Series C funding round, taking the total amount raised in the last 12 months to over $115 million. 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.
Developed by AI experts from the University of Cambridge, Luminance uses specialist AI – known as the “Panel of Judges” – to automate and augment every touchpoint a business has with its contracts, from generation to negotiation and post-execution analysis. The company works with over 700 organisations in 70+ countries across all verticals and has a roster of blue-chip clients such as AMD, Hitachi, LG Chem, SiriusXM, Rolls-Royce and Lamborghini.
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% 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. Most recently, the company 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.
Eleanor Lightbody, CEO of Luminance, said: “This funding is all about innovation, expansion and scaling. It supercharges our US growth, where 40% 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.”
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 organizations. Their team, strategy and vision positions them well to win this market.”
Hyun Koo, Partner at March Capital and Luminance board member, said: “Since our initial investment, 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.”
Sally Wokes, Partner at Slaughter and May, said: “We continue to work closely with the Luminance team, and it is exciting to see this latest funding round success. The legal AI market is developing at a rapid rate, and we wish Luminance every success as they continue to harness this demand and pioneer new developments in AI.”
