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LegalTech

Luminance completes funding round at $100m valuation

  • British AI company successfully completes Series B funding round at $100m valuation. Backers including Invoke Capital, Talis Capital and Slaughter and May invested $10m.

  • Luminance’s machine learning technology is now deployed in over 130 organisations on six continents since September 2016 launch.

  • The announcement follows the business’ recent opening of a fifth office in New York to support global growth, adding to bases in London, Cambridge, Chicago and Singapore.


7 February 2019 – Luminance, the leading artificial intelligence platform for the legal profession, has raised $10m from existing investors Invoke Capital, Talis Capital and Slaughter and May, valuing the company at $100m. The funds will be used to support Luminance’s recent product expansion and global growth, with the company now having four offerings, five global offices and over 70 employees since launching in 2016.
Whether used for legal due diligence, compliance reviews or eDiscovery, Luminance’s technology operates on advanced pattern recognition and machine learning algorithms that behave much like the human brain, sorting through high-volume documentation and flagging anomalies at speed, offering lawyers greater control and insight into their documents. In just two years, the company’s technology has been deployed in over 40 countries and is used by thousands of lawyers on a daily basis. In 2018 alone, Luminance’s customer base increased by over 150%, with global employee headcount more than doubling in order to meet this demand.

“2018 was a year of significant achievement for Luminance,” commented Emily Foges, CEO of Luminance. “We have expanded from one product to four, owing to the flexibility and innovative nature of our core technology. This has enabled a remarkable rate of global customer acquisition over the last 12 months and these funds will valuably support this continued expansion.”
“Luminance remains the only true application of machine learning for legal language present in the market today,” said Vanessa Colomar, Partner at Invoke Capital. “The company’s success over the past two years is indicative of the fundamentally different solution it is providing to law firms and in-house legal teams and we are pleased to back the business through its next stage of growth.”

Vasile Foca, Managing Partner and Co-founder of Talis Capital, added: “Luminance has undoubtedly become the market leader in its field and has set the industry benchmark for truly AI-driven legal solutions both technologically and commercially. The legal profession’s adoption of technology, particularly with Luminance, is becoming ever-more present and essential in delivering greater efficiencies whilst providing best in class customer service. We are pleased to be a part of the company’s continued international growth and product expansion, and are very excited to see them further their success.”

Luminance recently announced the opening of a New York office as its US customer base continues to expand, now including Global Top 100 firms McDermott Will & Emery and Holland & Knight, among others. The company was founded by a group of mathematicians and software engineers from the University of Cambridge following years of research into pattern recognition and machine intelligence.

ENDS

For more information about Luminance, please contact:
Dani Marks, Brands2Life: luminance@brands2life.com | 0207 592 1200

About Luminance
Launched in September 2016 and already in use on six continents, Luminance’s document review platform offers lawyers greater insight at unmatched speeds. Luminance builds on groundbreaking machine learning and pattern recognition techniques developed at the University of Cambridge to read and understand legal language. The technology is used by law firms and inhouse teams in over 40 countries around the world to improve processes such as due diligence,
compliance reviews, property lease abstraction and eDiscovery. Luminance has offices in London, Cambridge, New York, Chicago and Singapore, with over 130 customers including 14 ‘the Global Top 100’ law firms and three of the ‘Big Four’ accountancy firms.

About Talis Capital
Talis Capital is a unique Venture Capital investment firm funded by a group of successful and strategic ultra high net worth entrepreneurs. Focused on backing emerging software technologies, Talis has invested over $500m worth of transactions since 2009 and the portfolio includes Darktrace, Onfido, iwoca, Pirate Studios, Luminance, Threads, Oh My Green to name just a few. Talis concentrates on building long term partnerships and leverages their exclusive investor network to create opportunity. The team looks for innovative high growth companies with sector defining ventures and attractive business models.

Talis Capital leads Luminance's $10m Series A round at $50m valuation

  • Series A fundraising successfully completed at a $50m valuation. The $10m investment was led by Talis Capital, and also included Invoke Capital and Slaughter and May.

  • Luminance technology has been deployed in hundreds of M&A transactions worldwide, in over 50 leading organisations, across 15 countries in five continents since launching in September 2016.

  • North American headquarters in Chicago is a response to high demand from North American clients, including AM Law 100 firms.

29 November 2017, London and Chicago – Luminance, the leading artificial intelligence platform for the legal profession, has closed a $10m Series A funding round that values the company at $50 million. The investment was led by Talis Capital, and also included Invoke Capital and Slaughter and May. Luminance will use the funds to expand its operations to meet increasing global demand, including supporting its newly-established North American headquarters in Chicago.

Luminance, which has been deployed in over 50 leading organisations worldwide, is a self-learning AI platform for the legal profession which accelerates and enhances contract review processes such as M&A due diligence and property lease review. The technology has been used to assist with over 200 live transactions to date. In response to strong demand Luminance has seen almost fourfold employee growth within one year.

“We look forward to using this new investment round to ensure we deliver on the excitement building around Luminance, as well as continue to grow our relationship with existing top-tier customers across Europe, Asia-Pacific, and the U.S.” said Emily Foges, Luminance CEO. “Just one year after launch, Luminance has already proven its value with leading law firms globally. We’re excited to boost our operations across the Atlantic with the opening of our Chicago office, and to continue to bring legal innovation to new markets around the world.”

Sally Wokes, a partner at Slaughter and May, said: “Slaughter and May has worked closely with the Luminance team since the product’s inception. The knowledge we have gained through piloting, testing and using the software on live transactions gives us real confidence in what we consider to be a highly differentiated due diligence tool. Our decision to invest in this latest funding round reflects our belief in Luminance and our commitment to harnessing innovation for the benefit of our clients.”

Vasile Foca, Managing Partner and Co-Founder of Talis Capital, added, “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. Since launching investment last year, we have seen Luminance truly lead the competition in this regard and we are excited to be a part of their growth and continue our support.”

Using a unique combination of supervised and unsupervised machine learning, Luminance reads and understands vast quantities of legal documents at speeds no human can match. Moving well beyond legacy contract review software, Luminance automatically sorts and classifies contracts to uncover even subtle risks at the outset of a project. Combined with in-built, sophisticated collaboration tools, lawyers can increase the efficiency of their review by over 100% without sacrificing accuracy.

U.S. Managing Director George T. Tziahanas will be responsible for meeting the needs of firms adopting Luminance’s contract-understanding technology in the region, while building out the Chicago-based team to over 10 by year end.

“My top priority is to hire an impressive team in Chicago to drive growth and serve our great clients,” said George Tziahanas. “Throughout my career, I have witnessed legal teams challenged with analysing large sets of complex information. Luminance is the only technology that can keep pace with modern legal needs, thanks to its unique ability to adapt to a firm’s specialties and expertise, with no training required. Chicago’s status as major financial, scientific, and legal hub made it the obvious choice for our first US office.”

Luminance, developed from Ph.D. research at the University of Cambridge, launched in September 2016 and has customers in 15 countries, including Slaughter and May (UK), Gilbert + Tobin (Australia), WongPartnership (Singapore) and Chapman Tripp (New Zealand). The company was recently recognised for Horizontal Innovation by the Institute of Engineering and Technology (IET) in London, and also won ‘Best AI Product in Legal’ at the inaugural CogX AI Innovation Awards.

 

For more information about Luminance, please contact:

Brunswick Group: +44 (0) 20 7404 5959

About Luminance

Luminance is the leading artificial intelligence platform for lawyers which uses machine learning to read and analyse contracts and other documents much like a human does, thus improving the efficiency of processes such as due diligence. Deploying some of the latest breakthroughs in pattern recognition and machine intelligence from the University of Cambridge, and trained by legal experts, Luminance understands and can highlight anomalies among large groups of documents so that lawyers can prioritise their work. The company is backed by Invoke Capital, an investment fund dedicated to unlocking the potential of European technology.

About Talis Capital

Talis Capital is a London based venture capital firm, focused on B2B technology companies within three key areas: Security, Business Intelligence/SaaS and Financial Services. Talis Capital has completed over $380m of transactions since 2009 and has a strong track record of investments. Talis has made over 30 venture investments and count some of the fastest growing tech start-ups in its portfolio – Darktrace, Onfido, Iwoca, - among many others. For more information visit: https://www.taliscapital.com/

George T. Tziahanas biography:

George Tziahanas was appointed as U.S. Managing Director of Luminance in October 2017. In this role, he will be responsible for growing Luminance’s North American business and the Chicago hub’s staff and operations. A qualified lawyer and graduate of DePaul University, Tziahanas has held leadership positions across several global technology companies, including Intel, Autonomy and Hewlett Packard. His prior experience includes roles in software as a service (SaaS) strategy and implementation and consulting to the legal sector.