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Slaughters takes stake in AI due diligence company
Slaughter and May has taken a five per cent stake in Luminance with partners at the law firm being given a share of the business now valued at $20 million as part of their work developing the product.
Sergey Soldatov
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Slaughters invested what is thought to be in the region of $1 million in Luminance - the due diligence AI supported by tech billionaire Mike Lynch - as part of the tech company’s latest funding round after which it valued itself at the figure of $20 million. Slaughters said that the M&A technology was 'the ideal initial area for Slaughter and May to invest in an artificial intelligence system’ and explained that it had invested substantial amount of intellectual capital into Luminance and has played a major part in its creation and development.
Equity stake
‘In return, the firm's partners have been given a small equity stake in Luminance Technologies Limited, the company which owns the Luminance software. We are always open about this, whether in reference calls with potential purchasers of Luminance or in more formal written documentation.' The funding from Slaughters into the AI tech firm follows investments from Invoke Capital and Talis Capital late last year.
