Artificial intelligence might have found the next big opportunity for disruption: the law.
What’s happening:
- United Kingdom based artificial intelligence startup Luminance has raised $40M USD in a new Series B financing round
- The round was led by venture capital fund March Capital
The big idea:
- Luminance has purpose built a large language model to usher in the capabilities of artificial intelligence into legal matters
- Luminance is capable of rapidly scanning documents to find non-standard clauses, non-compliance or potential legal concerns
- The artificial intelligence models developed by Luminance are also capable of assisting in ongoing negotiations and reviewing evidence in legal cases
By the numbers:
- Luminance is currently being used by over 600 different companies in more than 70 countries globally
- The artificial intelligence models that Luminance has built have already been exposed to and trained on more than 150 million individual legal documents
Going deeper:
- Many notable companies are currently using Luminance’s artificial intelligence software, including Koch Industries, Liberty Mutual, LG Chem and others
The intrigue:
- One of the largest law firms in the United Kingdom Slaughter and May also participated in the latest financing round for Luminance
