Legal tech firm Luminance has raised $40 million in a venture round backed by U.S. venture fund March Capital, the company told CNBC exclusively.
Legal tech firm Luminance has raised $40 million in a venture round backed by U.S. venture fund March Capital, National Grid Partners, and law firm Slaughter and May, the company told CNBC.
Legal technology firm Luminance has raised $40 million in fresh funding from investors to grow its U.S. footprint, capitalizing on the wave of investor interest surrounding artificial intelligence. 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.
Microsoft has invested north of $10 billion into OpenAI, and the firm recently completed a secondary share sale led by Thrive Capital, valuing it at $80 billion. In a sector like law, where a high level of attention needs to be paid to a company's specific legal controls and decision-making, Lightbody said that general-purpose AI solutions like ChatGPT aren't the answer.
Luminance plans to invest aggressively toward expanding its U.S. footprint, in an effort that Lightbody said will include hiring new executives locally, as well as exploring new offices.without any human involvement. Luminance says the instrument, dubbed Autopilot, handles day-to-day contracts negotiations, and especially the tedious manual work of reviewing nondisclosure agreements .
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