Legal technology firm Luminance has raised $40 million in fresh funding from investors to grow its U.S. footprint, capitalizing on the wave of investor interest surrounding artificial intelligence.
The company told outlets that it raised the fresh capital in a Series B funding round led by U.S. venture fund March Capital. National Grid Partners, the venture capital arm of the National Grid, and law firm Slaughter and May, also invested in the round.
“We had lots of interest from lots of VCs,” Eleanor Lightbody, CEO of Luminance, told outlets in interviews on Tuesday.
The fact that AI is now a “hot topic” certainly helped, Lightbody said, but she added that Luminance had the metrics — such as its annual sales performance — to match the interest it’s gotten from investors.
Lightbody said that businesses are investing in AI tools like Luminance’s to keep a competitive edge, as well as to reduce costs.
“Everyone wants to stay competitive,” she told outlets. “We want to build opportunities they didn’t know existed.”
Luminance said its annual recurring revenue jumped roughly fivefold in the past two years, but declined to share figures. The company counts the likes of Koch Industries, Hitachi, Yokogawa, Liberty Mutual, LG Chem, and BBC Studios as its clients.
The Financial Bureau 