Luminance, a London startup using AI to help lawyers, just raised $10m

 
Lynsey Barber
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Luminance's AI platform can crunch documents without humans (Source: Getty)

A startup that's developing artificial intelligence to help lawyers do their job better has raised fresh funding and plans to expand to the US.

Luminance has raised $10m (£7.5m) from investors that include Mike Lynch's Invoke Capital and law firm Slaughter and May, led by Talis Capital.

The fresh cash values the London startup at $50m as it expands to the US, where it is establishing a headquarters in Chicago.

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The Luminance platform helps those in the legal world analyse contracts such as M&A deal documents.

"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," said Slaughter and May partner Sally Wokes.

Talis Capital managing partner and co-founder Vasile Foca said: “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."

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