Luminance, a pioneer of artificial intelligence for the legal industry, has secured funding from Talis Capital, which values the company at over $20 million. Launched in September, with the backing of Invoke Capital and Magic Circle law firm Slaughter & May, demand for Luminance’s product is growing rapidly, with the company recently completing its tenth data room project.
Vasile Foca, Co-Founder and Managing Partner of Talis Capital said, “We have seen technology integration within the legal sector, in particular that based on Artificial Intelligence and Machine Learning, transition from a support function to an enabler and efficiency-driver, allowing lawyers to focus on real added value to clients. Luminance is truly leading the competition in this regard and we are excited to be joining them in their growth.”
“The demand for Luminance has been very high,” said Emily Foges, CEO of Luminance. “We have deployed the technology in markets ranging from South Africa to the Nordics, as lawyers recognise the immense benefits of the time saved by Luminance’s ability to read and understand an entire data room in a matter of hours, freeing them up to do high-value work in high-pressure situations.”
Luminance’s AI is quick to deploy without a lengthy implementation process, presenting complex information to lawyers in an easy-to-navigate visual dashboard. Law firms that have adopted the system have found that it saves over 50% of time spent on contract review, while facilitating more efficiency within M&A teams due to its intuitive collaboration tools.
“Using Luminance, we work faster and look forward to taking on more mergers and acquisitions and due diligence work,” said a partner at the Amsterdam office of a leading European law firm.
Luminance’s commercial momentum is reflected in the company’s growth. The workforce has doubled to 20 employees and Luminance has received interest from law firms ranging from Australia to the United States. The funding will be used to meet the demand for the technology.
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