Luminance, which produces AI tools for use in the legal industry, has raised $75 million in a Series C funding round.

The new funding takes the total amount raised in the last 12 months to over $115 million and will be used to expand and scale the business.

Developed by AI experts from the University of Cambridge, Luminance uses specialist AI, dubbed the “Panel of Judges,” to automate and augment processes that a business has with its contracts including generation, negotiation and post-execution analysis.

The company claims it has pioneered a number of world-firsts in AI such as Lumi Go, a service that enables its customers to send draft agreements to a counterparty and have the technology auto-negotiate on their behalf.

Luminance says that demand for legal AI has grown, with the company growing its headcount by 80 per cent last year to address the increased interest. In 2024, the business opened three new locations in the US and expanded its New York headquarters.

The company currently works with over 700 organisations, with customers including Hitachi, LG Chem, SiriusXM, Rolls-Royce and Lamborghini.

“This funding is all about innovation, expansion and scaling. It supercharges our US growth, where 40 per cent of our revenue is already generated, and will fuel key hires and new offices across the US, APAC and Europe,” said Eleanor Lightbody, chief executive of Luminance. “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.”

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.

Last month, UK-based Avantia Law said it had become the first legal firm to develop its own AI agent platform.

The agent, called Ava, is a purpose-built, in-house system designed to streamline legal work, take care of routine legal processes, manage lawyer workflow, and deliver faster outcomes for the company’s clients.

The technology was developed by Avantia’s AI experts, who previously built Bloomberg’s natural language processing platforms and the AI platform that underpins BlackRock’s private markets technology.

The law firm says that Ava combines advanced AI capabilities with oversight from senior lawyers to “redefine how legal services are delivered.”

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