London-based legaltech Luminance has secured $75M in a Series C funding round led by Point72 Private Investments, bringing its total fundraising over the past year to more than $115M and $165M overall. Contributors to this round were Forestay Capital, RPS Ventures, and Schroders Capital, along with existing investors such as March Capital, National Grid Partners, and Slaughter and May.

Luminance is an AI-driven platform that streamlines how businesses handle legal documents throughout their lifecycle. Built on a proprietary Legal Large Language Model (LLM) trained on over 150 million verified legal documents, it offers tools designed to enhance efficiency and accuracy in contract management.

The platform extracts and organises key information from contracts, offering insights into over 1,000 legal concepts such as contract terms, clauses, and governing laws. This centralized repository facilitates quick access and comprehensive analysis of contractual data. Its chatbot allows users to pose natural language questions about their documents and receive immediate, legally sound responses. It can summarize contracts, redraft clauses, and provide answers to specific queries, streamlining routine legal tasks.

CEO Eleanor Lightbody said: ‘This funding is all about innovation, expansion and scaling. It supercharges our US growth, where 40 percent of our revenue is already generated, and will fuel key hires and new offices across the US, APAC and Europe.

Partner at Slaughter and May Sally Wokes commented: “We continue to work closely with the Luminance team, and it is exciting to see this latest funding round success. The legal AI market is developing at a rapid rate, and we wish Luminance every success as they continue to harness this demand and pioneer new developments in AI.”

Luminance, founded in 2015, has undertaken several funding rounds; its latest was a $40M Series B led by March Capital, with participation from National Grid Partners and others.