Alongside the appointment, the Cambridge-born AI company announces new offices in San Francisco and Toronto after tripling U.S. headcount in 2024

Luminance, the pioneer in Legal-Grade™ AI, today announced the appointment of Martina King, CEO of Featurespace, as Chair. The appointment follows a defining 2024 for the company, including a $40 million capital raise, an 80% increase in global headcount off the back of its international success, and 5x growth in ‘Corporate’ ARR over the past two years.

As CEO of Featurespace, a Visa Solution, Martina King brings over two decades of leadership experience in technology and AI to Luminance. King’s accolades include being named 2024’s ‘Tech Businesswoman of the Year’ at the UK Tech Awards and one of the 'Top 40 Powerful Women in Tech' by Silicon Republic. Her appointment further strengthens Luminance’s leadership, which is notable for its management team that is 50% female.

"Martina is an exceptional leader whose experience in scaling technology businesses within rapidly evolving markets will be invaluable as we continue to expand Luminance. Both of our companies, born in Cambridge, share a strong commitment to innovation and a rich history of developing groundbreaking technologies out of the UK,” said Eleanor Lightbody, CEO of Luminance. “I’m also delighted to officially announce our new offices in San Francisco and Toronto as we close out a record-breaking year for the business and look ahead to Luminance’s next chapter.”

"I’m thrilled to join Luminance at such a pivotal moment in its journey," added Martina King. "The company’s impressive achievements in 2024 are a testament to the strength of its leadership and market impact. I look forward to bringing my experience in AI and scaling tech companies to help guide Luminance as it continues to redefine the legal sector."

The announcement rounds out a year of milestones for Luminance, including:

New Office Openings: The company expanded its U.S. headquarters in New York City and opened four new offices in Dallas, Madrid and, most recently, Toronto and the Financial District of San Francisco.

Customer Adoption: Since the start of 2024, Luminance’s global ‘Corporate’ customer base has more than doubled, with a huge range of customers which speaks to the breadth and flexibility of the technology. Customers in the Industrials and Manufacturing sector accounted for over a quarter of new subscriptions, alongside notably strong adoption across Technology and Financial Services. This includes securing major partnerships with industry leaders including AMD, DHL and BBC Studios.

Strategic Growth in Headcount and Regional Expertise: Luminance posted an 80% increase in global headcount in 2024, tripling the size of the U.S. team. This includes strategic hires across sales and customer facing roles, as well as expanding the company’s R&D hub with a brand-new office in Cambridge, UK.

Successful Capital Raise: Luminance closed a $40 million Series B funding round in April 2024 led by Santa Monica-based venture firm, March Capital, with participation by National Grid Partners, GTM Capital and other existing investors, including Slaughter and May.

Significant AI Developments: The company brought groundbreaking new product capabilities to market, including:

• Auto Mark-Up: Aligns any agreement with company standards in a single click.

• Agent Lumi: Combines Luminance’s legal-specific LLM with AI tools to create an autonomous agent, enhancing enterprise automation with decision-making capabilities.

• Lumi Go: Provides real-time, AI-powered feedback to Luminance customers and their counterparties in contract negotiations, accelerating routine negotiations and time to signature.

As Luminance enters 2025, the company is poised to build on its momentum, leveraging Martina King’s leadership and expertise to deliver continued innovation and value to its growing base of global customers.

ENDS

About Luminance

Built on a specialist legal Large Language Model (LLM), Luminance's end-to-end AI platform enhances every touchpoint a business has with its contracts, from generation to negotiation and post-execution analysis. Developed by world-leading AI experts, validated by leading lawyers, and trusted by over 700 customers in 70 countries including AMD, National Grid, LG Chem, AB InBev and DHL, Luminance is the pioneer in Legal-Grade™ AI: wherever computer meets contract.