Legal AI company Luminance has raised £60m in a Series C funding round to expand operations across the US, Europe and the Asia-Pacific.
The investment takes the total amount raised in the last year alone to over £90m.
The London-based firm was developed by AI experts from the University of Cambridge and uses specialist AI known as the “panel of judges” to automate and augment every touchpoint a business has with its contracts.
The company works with over 700 organisations in over 70 countries and has blue-chip clients including AMD, Hitachi, LG Chem, SiriusXM, Rolls-Royce and Lamborghini.
In its core corporate product offering, Luminance has seen customers increase five times and ARR grow sixfold 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 expansion of its US base in New York.
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.
“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,” said Eleanor Lightbody, Luminance CEO.
“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, added: “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 organisations. Their team, strategy and vision positions them well to win this market.”
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