AI legal document review company Luminance has secured funding from Talis Capital, which values the company at over $20 million.
Luminance, which has a special focus on due diligence, launched in September with the backing of Mike Lynch’s Invoke Capital and Magic Circle law firm Slaughter and May. Lynch was previously the co-founder of Autonomy the UK tech company sold to HP for $11 billion. Crunchbase states that Invoke invested around $3m in Luminance at the time.
Mayfair-based Luminance said that the new injection of capital will help support further growth. The workforce has doubled to 20 employees and the company says it has received interest from law firms ranging from Australia to the US.
However, Slaughter and May remains the only law firm to publicly acknowledge a long term contract with the AI company. But, with several law firms now conducting pilots the number of clients will hopefully increase.
Vasile Foca, Co-Founder and Managing Partner of Talis Capital said: ‘We have seen technology integration within the legal sector, in particular that based on Artificial Intelligence and Machine Learning, transition from a support function to an enabler and efficiency-driver, allowing lawyers to focus on real added value to clients.’
Talis Capital is a London based venture capital firm focused on B2B technology companies within three key areas: Security, Business Intelligence and Financial Services. Talis Capital have completed over $380m of transactions since 2009. Talis has also previously invested in another Invoke-backed company, Dark Trace, the cyber security company.
The fund states that initial investments typically range from $1m to $10m, with the possibility of participating in further rounds. However, it is not known how much Talis invested in Luminance.