Luminance, a legal artificial intelligence company developed by University of Cambridge researchers, has raised $75 million in Series C funding, bringing its total capital raised over the past year to more than $115 million. Point72 Private Investments led the oversubscribed round, with Forestay Capital, RPS Ventures and Schroders Capital joining as new investors.
The company’s AI platform, which features a “Panel of Judges” system, has seen significant growth in its core Corporate product, with customer numbers increasing fivefold and annual recurring revenue growing sixfold over the past two years. The firm currently serves more than 700 organizations across 70 countries, including prominent clients such as AMD, Hitachi, and Rolls-Royce.
To meet surging demand, Luminance expanded its workforce by 80% in 2024, with a particular focus on North America. The company tripled its headcount in the region, opening new offices in San Francisco, Dallas, and Toronto while expanding its U.S. headquarters in New York.
The company recently launched Lumi Go, an automated contract negotiation tool that allows counterparties to engage in AI-assisted negotiations. CEO Eleanor Lightbody said the new funding will accelerate U.S. growth, where the company currently generates 40% of its revenue, and support expansion in APAC and Europe. The capital will also fund research and development at the company’s Cambridge hub, focusing on extending the platform’s capabilities to procurement and compliance applications.
“We know this market well and strongly believe in the power of next-generation AI to revolutionize contracting processes across the enterprise,” said Sri Chandrasekar, Managing Partner of Point72 Private Investments. Existing investors March Capital, National Grid Partners, and Slaughter and May also participated in the round.