Global leader in legal AI scales up U.S. presence following $40 million funding round and more than 5x growth

LONDON, Sept. 23, 2024 /PRNewswire/ -- Luminance, the pioneer in Legal-Grade™ AI, is opening its doors in Dallas, Texas, to meet increasing U.S. customer demand. The move follows a recent expansion of the company's New York headquarters and key hires across North America, including in San Francisco and Canada, to accommodate accelerated market capture in the region.

Founded by AI experts from the University of Cambridge, Luminance now generates over one-third of its revenue in the U.S. Recently recognized on the Inc. 5000 list of America's fastest growing private companies, the company achieved over 5x ARR growth in the past two years and saw a 225% increase in U.S. customers adopting its flagship product, Luminance Corporate, since January 2023. Today, the company's customer base spans 700+ organizations in 70+ countries, from technology giants such as AMD and Hitachi, to food and beverage businesses including AB InBev and Panda Express, pharmaceutical giant LG Chem, and global manufacturers Koch Industries and Yokogawa.

Luminance's strategic growth in the U.S. is bolstered by the company's recent $40 million Series B funding round. The investment was led by Santa Monica-based venture firm, March Capital, with participation by National Grid Partners, GTM Capital and other existing investors, including leading law firm Slaughter and May.

Eleanor Lightbody, CEO of Luminance, shared: "Our recent financing is a testament to the strength of our technology, which is defining a new category of Legal-Grade™ AI. To date, Luminance has organically captured market share in the U.S. Now, we are doubling down in Dallas and New York as just the first steps of our U.S. expansion, enabling us to better serve existing customers and bring our specialized, proprietary AI to more organizations worldwide."

In addition to expanding its U.S. footprint, Luminance will continue its focus on product innovation. Over the last 12 months, the company has released several industry firsts, including a Legal-Grade™ chatbot for instant Q&A and automated redrafting, 'Self-Serve' functionality for non-legal teams to review and negotiate third-party contracts, and 'Auto Mark-Up', which allows users to bring any agreement in line with company standards in one click.

George Niño, Executive Vice President, General Counsel and Corporate Secretary for Yokogawa Corporation of America, said: "Luminance has been a game-changer for our business and surpasses other solutions available today. As a multinational corporation, we're excited to see how Luminance's expanding, on-the-ground presence further enhances our deep partnership."

About Luminance

Built on a proprietary legal Large Language Model (LLM), Luminance's specialised legal co-pilot brings next-generation AI to every touchpoint a business has with its documents, from contract generation to negotiation and post-execution analysis. Developed by world-leading AI experts, validated by leading lawyers, and in use by over 700 customers in 70 countries, Luminance is the pioneer in Legal-Grade™ AI: wherever computer meets contract.

View original content:https://www.prnewswire.co.uk/news-releases/luminance-expands-us-footprint-with-new-dallas-office-302254473.html

Tags

More Like This

BrightHR Explores AI’s Impact on the Legal Sector

SLB launches AI-powered Lumi platform

DeepL launches US tech hub and bolsters executive leadership team as business demand for Language AI grows

Lighthouse Unlocks the Power of Generative AI with Launch of Smart Summaries for Hotels

Scale AI Expands Global Footprint with New United Kingdom Headquarters

Luzmo IQ launches to Bring Hyper-Personalized AI Analytics and Data Insights to Any Application or Workflow

Learnosity announces major AI investment and workforce expansion in Dublin

LegalOn Technologies Launches AI Contract Review Tailored for UK Contracts