Legal tech is witnessing rapid growth, fueled by advancements in Generative AI which excels at interpreting dense legal texts. Startups like Eudia, Genie AI, and Harvey have secured significant funding recently. Luminance, known for its 'legal-grade AI,' recently raised $75 million in a Series C funding, pushing its total funds raised to $138 million. Founded by Cambridge academics, Luminance automates contract processes with over 700 clients globally, indicating a strong market presence and ongoing expansion into North America.
Luminance, a legal tech startup, raised $75 million in a Series C funding round, marking a significant milestone in the legal AI sector with $138 million total raised.
The wave of new legal tech companies is driven by the capabilities of Generative AI, aimed at interpreting dense legal texts efficiently and effectively.
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