Generative AI is getting better at interpreting dense texts, and this progress has proven to be a boon for startups attacking one of the most complex sets of texts there is: the law. It makes sense then that we’ve been seeing a new burst of activity in the legal tech space off the back of […] © 2024 TechCrunch. All rights reserved. For personal use only.
Legal tech startup Luminance, a U.K.-based company backed by the late Mike Lynch, has raised $75 million in a Series C funding round led by Point72 Private Investments. The round is one of the largest capital raises by a pure-play legal AI company in the U.K. Luminance specializes in using a "domain-specialized" AI system, called a "legal pre-trained transformer" (LPT), trained on over 150 million verified legal documents, to automate and enhance contract processes. The startup, which uses its proprietary AI to power its main product, Lumi Go, has over 700 clients across 70 countries, including major corporations like AMD, Hitachi, and Rolls-Royce. The funding comes amid a surge in legal tech innovation driven by advancements in generative AI.
