Legal AI startup Luminance set to illuminate European markets
Originating in Cambridge, UK, Luminance was conceived by a team of mathematicians and AI experts who recognised the immense potential of AI in transforming the legal industry's approach to the vast amounts of documentation and data involved in legal work.
Since its inception, Luminance has rapidly expanded its reach, now serving over 700 organisations in more than 70 countries and in 80 languages, including prestigious clients such as BBC Studios, DHL and Hitachi. The company's impressive growth is reflected in its 5x ARR increase over two years and a 50% headcount increase this year alone, with a current team of over 200.
Luminance's strategic expansion into Europe has been met with enthusiasm, particularly in the Nordic region, where law firms have eagerly adopted the idea of legal AI. The company's recent establishment of an office in Madrid and the appointment of a new VP of France and Spain linked to increase presence in the areas, underscores its commitment to the European market.
The business took advantage of support from the Department for Business and Trade, including in a trade mission and participation in legal conference panels. Luminance was also highly commented in DBT’s ‘Made In the UK, Sold to the World’ awards, which recognised its global expansion.
CEO of Luminance, Eleanor Lightbody, commented: "Luminance has been a global business since day one thanks to our language and jurisdiction-agnostic capabilities and Europe's dynamic market has always been central to our global strategy. The Nordic and DACH regions have gone from strength to strength thanks to their economies, and we have noticed the manufacturing and financial sectors to be significant in these regions. Department for Business and Trade support has been critical throughout, opening doors and making introductions that have been central to our success.”
Luminance is just one of the many UK businesses exporting to Europe, contributing to a total of £352.3 billion in exports to the region from June 2023 to June 2024. This International Trade Week, running from 11-14th November, the Department for Business and Trade is encouraging all businesses interested in expanding or kick-starting their global operations to attend the free workshops and seminars. Data from ITW sponsor, Santander’s Trade Barometer Report, shows that the proportion of businesses trading internationally that see growth opportunities in European markets over the next few months has increased – in Germany from 20% to 23%, and in France from 15% to 19%.
Minister for Exports, Gareth Thomas said: "Our mission is to grow the economy. Using International Trade Week to boost exports across Europe and to reset our relationship with our nearest neighbours on the continent is an important part of that.
“It’s incredible to see Luminance’s success in Europe and its continued expansion in the legal sector. The European market offers big demand for these skills and we’re encouraging all businesses to take advantage of that.”
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