Artificial intelligence company Luminance raised $75 million.
The mentioned firm intends to spend the received funding on scaling its legal-industry-focused technology. Eleanor Lightbody, chief executive officer of the UK-based Luminance, said that this funding is all about innovation, expansion, and scaling. She noted that this supercharges the company’s growth in the United States, where 40% of its revenue is already generated, and will fuel the hiring of key employees and the opening of new offices in the US, Asia Pacific, and Europe. Eleanor Lightbody also stated that the funding accelerates innovation at the Cambridge R&D hub as the firm expands Luminance’s AI platform to legally adjacent use cases in procurement and compliance.
It is worth mentioning that the company’s previous funding round took place in the spring of 2024. At that time, the firm raised $40 million.
Luminance uses specialist artificial intelligence, known as the Panel of Judges, to automate and augment each touchpoint a business has with its contracts.
It is worth noting that against the background of the active development and scaling of the practice of using AI, the relevance of the issue of cybersecurity is growing. Scammers also have access to artificial intelligence tools, which is why their activities have become more sophisticated. To counteract the corresponding threat in the cyber environment, personal awareness of users is important. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.
