Source: CNBC
Legal technology firm Luminance has raised $40 million in fresh funding from investors to grow its U.S. footprint, capitalising on the wave of investor interest surrounding artificial intelligence.
The company has raised the fresh capital in a Series B funding round led by U.S. venture fund March Capital. National Grid Partners, the venture capital arm of the National Grid, and law firm Slaughter and May, also invested in the round.
Luminance said its annual recurring revenue jumped roughly fivefold in the past two years. The company counts the likes of Koch Industries, Hitachi, Yokogawa, Liberty Mutual, LG Chem, and BBC Studios as its clients.
“We had lots of interest from lots of VCs,” Eleanor Lightbody, CEO of Luminance, told CNBC in an interview on Tuesday. The fact that AI is now a “hot topic” certainly helped, Lightbody said, but she added that Luminance had the metrics — such as its annual sales performance — to match the interest it’s gotten from investors.
Read full article: https://www.cnbc.com/2024/04/02/legal-tech-startup-luminance-rides-ai-hype-to-40-million-fundraise.html
