Luminance, the UK-based artificial intelligence platform for legal professionals, has successfully raised $40 million in a Series B funding round. The round was partaken by law firm Slaughter and May, an established Luminance investor. Luminance anticipates expanding its operations, particularly in the US following the success of this funding round.
The company’s software platform leverages machine learning algorithms to streamline contract reviewing tasks, decrease the amount of time spent on document analysis, and increase the efficiency and accuracy of legal counsel provided to clients.
As a part of the strategy to increase its footprint in the US market, Luminance will equip American law firms and corporations with its market-proven AI capabilities. This expansion promises to bring digital transformation to the traditional practices in the American legal sector.
For more detailed information on Luminance’s recent funding and the subsequent strategy, refer to this article from Legal Tech News. Please note, due to a paywall, full access to the article may be restricted.