Slaughter and May, Others Invest $10 Million in Legal Tech Provider Luminance
Luminance may be only two years old, but it counts various large global firms as clients. Slaughter and May and two investment funds gave the machine learning legal tech company $10 million recently, the company announced.
February 08, 2019 at 02:09 PM
3 minute read
Machine learning-powered legal tech service provider Luminance has announced it raised $10 million from previous investors, including Magic Circle firm Slaughter and May.
The announcement on Feb. 7 said the $10 million was also backed by Invoke Capital and Talis Capital. Luminance currently offers compliance; due diligence/risk identification; lease review and portfolio analysis; and e-discovery platforms with plans to expand its user base to more law firms around the globe.
Luminance Technologies CEO Emily Foges said the recent investment would be used to acquire more office space, developers and increase its sales team.
Foges said the salespeople will be critical in explaining to law firms how Luminance can help their practice. To Foges, Luminance enhances the speed of legal services through artificial intelligence and maintains the firm's quality through the lawyer's input and the software's machine learning.
“You will review more documents and have a greater understanding, and you are not compromising or having less control,” explained Foges. “Because this is true machine learning, it's learning from your interaction with documents. It's really an extension for lawyers.”
“At the end of the day, they [clients] don't want to know 15 people were killing themselves getting this done,” Foges added. Clients want to know the work has been completed properly.
Foges said the sales team is expected to grow globally as the two-year-old company increases its presence in various large law firms internationally.
Slaughter and May was the first law firm to use Luminance, and it also has a 5 percent equity stake in the company after investing for an undisclosed amount in 2016. Slaughter and May is further connected to Luminance through fellow investor Invoke Capital, which was founded by members of enterprise software company Autonomy, a longtime client of Slaughter and May, according to Legal Week.
In 2017, Big Law firm Cravath, Swaine & Moore and large Australian firm Corrs Chambers Westgarth adopted Luminance's platforms. Other firm clients include McDermott Will & Emery and Holland & Knight, according to a company press release.
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