AI legal assistant, Luminance, has raised $40m in its latest funding round. The funding was led by March Capital with participation by National Grid Partners.
Luminance’s legal co-pilot is a large language model (LLM) intended to help with the creation, negotiation and analysis of legal documents such as contracts.
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According to Luminance, the company’s customer base includes organisations in over 70 countries.
This customer base includes insurance firm Liberty Mutual and manufacturers Hitachi, Koch Industries and Yokogawa.
In a 2024 survey conducted by research and analysis company GlobalData, over 58% of businesses across a wide range of industries believe that AI will pose a significant disruption to their work.
However, while GlobalData forecasts that the rate of AI rollout in the corporate world will increase significantly throughout 2024, the legal sector may experience a slower uptake of the technology due to strict regulation of the industry.
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By GlobalDataLuminance claims that its AI technology has already been used in a number of firsts for the legal industry, including the first fully automated negotiation of a contract.
Its AI has also been used in the Old Bailey, Britain’s highest criminal court, to reduce the amount of time needed to review evidence.
Hyun Koo, investment partner at March Capital, explained how the legal industry could benefit from the use of AI technology.
“Given the inefficiencies and complexity that exist today in legal workflows, we immediately saw the potential for Luminance to drive efficiency with its industry leading LLM,” Koo said.
“Luminance’s breadth of enterprise customers speaks to its capabilities, and we are thrilled to partner with their highly technical and growth-minded team to help build a successful, leading and global legal AI company,” stated Koo.
By 2030, GlobalData predicts the worldwide AI market will be worth $909bn after being fuelled by this global interest in the emerging use cases of generative AI.
