Emily FogesSlaughter and May adds clout to £10m Luminance fundraise
The latest fundraising round has valued the AI company at £77.5m.
February 07, 2019 at 09:23 AM
2 minute read
Slaughter and May has financially backed AI company Luminance for the third time, in a £10m fundraising round that values the Cambridge-born company at $100m (£77.5m).
Slaughters first took a 5% equity stake in the company back in 2017 after trialling the platform, before investing further as part of a £10m Series-A round later in the year. That round valued the company at £37m.
Following the latest £10m Series-B round today, Luminance is now valued at $100m (£77.5m). Luminance has said that Slaughters' 5% equity stake in the business has not been diluted through the fundraising rounds.
UK-based venture capital firms Talis Capital and Invoke Capital also invested in both the Series-A and Series-B funding rounds.
Luminance CEO Emily Foges told Legal Week that the company is "growing like crazy", and that the capital raised will be used for making new hires at its Cambridge headquarters, developing its machine learning technology and financing its global expansion.
It currently serves 135 customers – including law firms Eversheds Sutherland, Bird & Bird and McDermott Will & Emery – in 40 countries.
Clifford Chance and US firm Latham & Watkins have also invested in a legal startups recently, as part of a $10m funding round in legal tech 'app store' Reynen Court.
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