Luminance, an AI-powered platform that seeks to disrupt the legal due diligence process, has received an undisclosed sum of funding from Talis Capital, valuing the company at more than $20 million.
The company, which is a spin out of the University of Cambridge, received $3 million from Invoke Capital, Mike Lynch’s tech investment vehicle, in September. Luminance makes use of AI to read and understand complex, detailed documents, which allows users to carry out necessary due diligence in a much more efficient fashion. The system design is currently underway to help the organization figure out exactly how it is that lawyers think, and even how to draw out key findings without being given the specifics of what to look for.
Emily Foges, CEO of Luminance, commented on the round saying,
The demand for Luminance has been very high. 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.
According to some claims, law firms using Luminance are able to reduce the time spent on reviewing contracts by a whopping 50%. Vasile Foca, co-founder and managing partner of Talis Capital, commented on the decision to support the startup:
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.
Luminance currently employs 20 people and claims to have received interest from law firms based all over the world. The new inflow of funds will be used to meet the demand for its technology.
