London-based legal artificial intelligence startup Luminance Technologies Ltd. has successfully raised $75 million in a Series C funding round, led by Point72 Investments.

This funding round coincides with a spike in capital for startups developing AI-powered legal solutions. Along with returning sponsors March Capital, National Grid Partners, and Slaughter and May, new investors Forestay Capital, RPS Ventures, and Schroders Capital also took part. With the most recent funding, Luminance has raised more than $115 million in the last 12 months.

Luminance, which was founded in 2015 by AI specialists from the University of Cambridge, focuses on legal AI models called the “Panel of Judges.” By using AI-powered analysis through a chatbot that helps with diligence, discovery, drafting, and contract review, the platform expedites the process of contract preparation and negotiation.

More than 150 million legally validated documents from various legal sectors have been used to train Luminance’s AI. To make sure the models are optimal for processing complicated legal jargon, they are further developed by legal specialists and validated by top law firms.

With clients like Advanced Micro Devices Inc., Hitachi Ltd., LG Chem Ltd., SiriusXM Holdings Inc., Rolls-Royce, and Lamborghini, Luminance currently provides services to more than 700 enterprises in 70 countries.

The business recently unveiled “Lumi Go,” its flagship product that uses Ask Lumi, an AI-powered chatbot, to facilitate contract negotiations between two parties. Lumi Go gives real-time AI feedback on suggested contract modifications to contract recipients by delivering a “lite” version of Luminance within Microsoft Word. To increase the likelihood of approval, the AI assistant can even recommend different wording, which can be easily added to the document with just one click.

“Lumi Go is more than just a tool for increasing efficiency in contract negotiations; it offers a glimpse into the future of legal practice as AI adoption accelerates,” said Luminance CEO Eleanor Lightbody.

This year, there has been a lot of investment activity in the legal AI space. While contract lifecycle management platform SpotDraft raised $54 million last month, in-house corporate legal AI startup Eudia raised $105 million last week. Eve, an AI startup focused on plaintiffs, recently raised $47 million.

Demand for AI-powered legal solutions has skyrocketed, according to Luminance. Its clientele has increased fivefold in the last two years. The business increased its employment by 80% to 250 workers in 2024 to meet this demand, and it fortified its position in North America by opening new offices in Toronto, Dallas, and San Francisco.