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Monday 11 February 2019

Lawtech AI Luminance raises $10 million

LuminanceLondon-headquartered lawtech AI provider Luminance has completed a Series B funding round of $10m, at a valuation of $100m. 

Funding was raised from existing investors including Invoke Capital, Talis Capital and magic circle law firm Slaughter and May. Funds will be used to support product expansion and overseas growth. The company previously closed a $10m Series A funding round back in November 2017.

Luminance was originally launched back in 2016 (see here) and is one of a small number of lawtech AI firms that have gained real traction in the corporate legal market. Luminance offers a document review platform for due diligence, compliance review, property lease abstraction and e-discovery early case assessment. Essentially, it offers law firms (once the system is fully trained up!) the potential to replace expensive lawyers with technology.

AI firms like Luminance are benefiting from the pull through of Corporates’ General Councils looking to reduce legal spend. When legal rosters come up for renewal big law firms are being asked to demonstrate innovation and greater efficiency and are increasingly turning to firms like Luminance to address this gap.

Lawtech is still relatively immature when compared to other areas of digital disruption such as Fintech and Insurtech but after a couple of years of busy start-up activity we are starting to see a small number of higher quality firms take the next step (see Apperio as another example). This bodes well for the UK which is developing a healthy cluster of lawtech firms and we fully expect to see more of them make the step up over the next couple of years.

Posted by Marc Hardwick at '09:09' - Tagged: funding   legaltech   lawtech  

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