Mike Lynch-backed legal tech startup Luminance raises $40 million, capitalizing on AI hype [CNBC]
National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG)
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investors.nationalgrid.com
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Source: CNBC
The company told CNBC that it raised the fresh capital in a Series B funding round led by U.S. venture fund March Capital. National Grid Partners, the venture capital arm of the National Grid, and law firm Slaughter and May, also invested in the round. “We had lots of interest from lots of VCs,” Eleonore Lightbody, CEO of Luminance told CNBC in an interview on Tuesday. The fact that AI is now a “hot topic” certainly helped, Lightbody said, but she added that Luminance had the metrics — such as its annual sales performance — to match the interest it's gotten from investors. Lightbody said that businesses are investing in AI tools like Luminance's to keep a competitive edge, as well as to reduce costs. “Everyone wants to stay competitive,” she told CNBC. “We want to build opportunities they didn't know existed.” Luminance said its annual recurring revenue jumped roughly fivefold in the past two years, but declined to share figures with CNBC. The company counts the likes of Ko
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