Summary:
Luminance launches Lumi Go, an AI contract negotiator, enhancing legal processes.
The startup has seen a five-fold increase in customers and six-fold revenue growth.
Bria addresses GenAI IP issues by using only licensed data for its models.
Bria raises $40 million to expand its platform and technology into new areas.
Halliday integrates AI with blockchain to streamline application development, raising $20 million.
Luminance Launches AI Contract Negotiator
Luminance, a pioneering startup in legal contracts AI, has unveiled Lumi Go, an innovative AI agent designed to streamline the negotiation process. This technology allows users to send draft agreements to counterparts and facilitates auto-negotiation on their behalf.
Founded by experts from the University of Cambridge, Luminance harnesses AI to analyze and comprehend legal contracts. Currently, a quarter of the world's largest law firms and Fortune 500 companies utilize its technology. Remarkably, the company has experienced a five-fold increase in customers and a six-fold growth in annual recurring revenue over the last two years.
In February, Luminance raised $75 million in Series C funding, contributing to a total of over $115 million in the past year. This round was led by Point72 Private Investments, with other notable contributors including Forestay Capital and RPS Ventures. The funds are earmarked for accelerating U.S. expansion, enhancing their workforce, and innovating at their Cambridge, U.K. R&D hub.
Addressing GenAI Intellectual Property Concerns
The generative AI landscape faces criticism from artists regarding the uncompensated use of copyrighted works for training AI models. Bria, an Israeli startup, is tackling this issue head-on by offering GenAI models trained exclusively on licensed data. Their innovative approach includes a patented attribution engine that ensures creators receive compensation based on their contributions to generated content.
Bria recently secured $40 million in Series B funding, raising their total capital to $65 million. The investment will be used to scale their platform and expand their attribution technology to cover music, video, and text generation. They have established partnerships with over 30 data providers, including Getty Images and Envato, and collaborate with tech giants like Nvidia and Microsoft.
Halliday: Bridging AI and Blockchain
Halliday, a blockchain startup, has raised $20 million in Series A funding, led by a16z crypto. The company believes that the blockchain sector must integrate AI to remain competitive. Halliday's platform simplifies the development of AI-powered blockchain applications, utilizing the Agentic Workflow Protocol, which can seamlessly operate across multiple blockchains.
This innovative protocol eliminates the need for developers to write custom smart contracts for each new use case, thereby reducing development time significantly. Halliday claims that it can create applications in hours, a process that traditionally took years. Their product, Halliday Payments, facilitates cross-blockchain payment capabilities, showcasing the practical applications of their technology.
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