Last week, I was hugely proud to announce Luminance’s $75 million Series C funding round led by Point72 Private Investments, bringing our total funding to over $115 million in a year.

To me, this investment is about more than just capital. It’s a global vote of confidence in AI’s transformative role in the legal industry. And our ability to lead that charge.

It’s particularly exciting to see familiar faces among our investors. March Capital and National Grid Partners have deepened their commitment, and what makes this group truly special is the inclusion of early customers like Slaughter and May. They saw Luminance’s potential from day one – not just as a technology to use, but as a business worth investing in. As a CEO, there’s no greater validation than a customer backing us with their own capital.

A Year of Unprecedented Growth

I might have a few more grey hairs, but 2024 was nothing short of transformative for Luminance. We opened new offices in San Francisco, Dallas, Toronto and Madrid, while the U.S. market grew to account for 40% of total revenue.

But the real story isn’t just about expansion – it’s about the surging demand for legal AI that’s fuelling this momentum. In just two years, we’ve seen a 5x increase in Corporate customers and a 6x increase in their ARR, with major enterprises like AMD, DHL, LG Chem and BBC Studios putting their trust in us.

What’s also driving this growth is something I find incredibly exciting: Luminance isn’t just for legal teams. We’re seeing adoption across entire enterprises – commercial teams are using our AI to accelerate deal cycles, business leaders are gaining real-time commercial insights and procurement teams are streamlining supplier agreements. And it’s no surprise – contracts are the lifeblood of every business.

As adoption grows, so does our ambition. Now is the time to scale, ensuring our product evolves to meet the needs of these growing user groups. Which brings me to…

What’s Next?

Looking ahead, my focus is two-fold:

1. Expanding Our Global Footprint

Luminance has been a global company from the start, but the demand we’re seeing – especially in the U.S. – means we’re just getting started. This funding will fuel our U.S. expansion, drive growth into new APAC and EMEA markets, and help us scale our world-class team with top talent to support our vision.

As we scale, education will be key to driving trust and broad adoption of legal AI. In a crowded market filled with noise, businesses need clarity on things like:

• Specialist vs. Generalist AI: Accuracy-critical industries like law require AI trained on high-quality legal data, not generalist models that pull from unverified sources and risk hallucination.

• Memory vs. Static Solutions: AI that learns, retains context and continuously adapts to a business’s needs ensures companies aren’t starting from scratch every time – critical for navigating fast-changing regulations like data privacy and compliance.

• AI as an Enabler, Not a Replacement: The narrative of AI vs. lawyers is misleading. AI isn’t about replacing legal professionals – it’s about eliminating inefficiencies, allowing them to work smarter, scale operations and drive greater business impact.

With a decade of experience shaping this industry, we’re committed to leading this conversation as we expand across the U.S. and beyond.

2. Pushing the Boundaries of AI Innovation

In 2024, we delivered a host of groundbreaking features to enhance our product suite. Some of my personal highlights:

• Auto Mark-Up: Aligns agreements with internal standards in a single click.

• Agent Lumi: An autonomous agent that can perform tasks and execute entire workflows in seconds.

• Lumi Go: Real-time AI feedback for both customers and their counterparties to accelerate time to signature.

With this funding, we’re doubling down on R&D at our Cambridge hub – scaling our agentic capabilities, enhancing legal-adjacent applications in areas like procurement, commercial and marketing, and paving the way for AI vs. AI contract negotiation.

Luminance isn’t just keeping up with the market – we’re setting the benchmark for what’s possible. And while the progress never stops, our core mission remains the same: to equip businesses with legal-grade AI they can trust, empowering them to work more efficiently and effectively.