Luminance Secures £60m to Expand Global Footprint
Deal News | Feb 18, 2025 | Business Cloud
Luminance, a London-based LegalTech company, has successfully raised £60 million in a Series C funding round aimed at expanding its operations in the US, Europe, and the Asia-Pacific. Developed by AI experts from the University of Cambridge, Luminance employs advanced AI technologies to enhance contract processes for businesses and currently serves over 700 organizations across 70 countries, including major companies such as AMD, Hitachi, and Rolls-Royce. Over the past two years, Luminance has witnessed a substantial rise in its client base and annual recurring revenue (ARR). The funding round, led by Point72 Private Investments, along with contributions from Forestay Capital, RPS Ventures, and Schroders Capital, as well as existing investors March Capital and National Grid Partners, supports Luminance’s intention to accelerate its US growth strategy, innovate its AI platform, and broaden its market reach into adjacent sectors. The company's growth strategy includes increasing key hires and expanding office locations in North America, while also enhancing its AI R&D hub in Cambridge.
Sectors
- LegalTech
- Artificial Intelligence
- Investment & Finance
Geography
- United Kingdom – Luminance is based in London, United Kingdom, and its AI R&D hub is located in Cambridge.
- United States – Part of the investment will aid Luminance's growth in the US, where 40% of its revenue is generated, with several new offices opening there.
- Europe – Luminance plans to use the investment to expand operations and a client base across various European countries.
- Asia-Pacific – The investment will also be used to strengthen Luminance's presence and operations in the Asia-Pacific region.
Industry
- LegalTech – Luminance operates in the LegalTech industry, using AI to automate contract processes for businesses globally.
- Artificial Intelligence – The company utilizes AI technology which has been a critical component of its core offerings and growth strategy.
- Investment & Finance – The article discusses significant venture capital investments into Luminance, which is pivotal for its expansion strategies.
Financials
- £60m – The amount raised by Luminance in the Series C funding round.
- £90m – The total amount raised by Luminance in the last year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Luminance | Target company | Company | A Legal AI company based in London, employing AI for contract automation and serving clients globally. |
| Point72 Private Investments | Leading investor | Company | A private investment firm that led Luminance's latest funding round, focusing on growth in the legal tech sector. |
| Forestay Capital | Investor | Company | Participated in Luminance's Series C funding round. |
| RPS Ventures | Investor | Company | A participant in the funding round for Luminance. |
| Schroders Capital | Investor | Company | Joined the investment round to support Luminance's growth and expansion strategies. |
| March Capital | Existing investor | Company | An existing investor in Luminance that participated in the current funding round. |
| National Grid Partners | Existing investor | Company | Continuing supporter of Luminance, involved in the Series C funding. |
| Slaughter and May | Existing investor | Company | An existing investor participating in this funding round. |
| Eleanor Lightbody | CEO of Luminance | Person | Chief Executive Officer of Luminance, steering the company's expansion and innovation strategies. |
| Sri Chandrasekar | Managing Partner of Point72 | Person | Managing Partner at Point72 Private Investments, endorsing Luminance's market strategy. |