• Cliff Equity
  • Posts
  • 📈 Legal AI Luminance Bags $75M for Expansion

📈 Legal AI Luminance Bags $75M for Expansion

Power Up! CGD Secures $32M for GaN Tech

February 20, 2025

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • Legal AI Luminance Bags $75M for Expansion

  • Power Up! CGD Secures $32M for GaN Tech

  • Lloyds Puts ÂŁ1.2bn on the Car Loan Tab

The summary: Luminance’s AI is revolutionising contract management, attracting big investors, expanding globally, and giving overworked lawyers a well-earned break from endless paperwork!

The details:

  • Legal AI trailblazer Luminance bags $75M in Series C funding, turbocharging its expansion and cementing its dominance in AI-powered contract management.

  • Backed by Cambridge AI expertise, Luminance’s “Panel of Judges” tech helps legal teams ditch the drudgery, speeding up contract review, negotiation, and analysis for 700+ global clients.

  • Business is booming—revenue has soared sixfold, staff numbers have jumped 80%, and US expansion is in full swing with new offices popping up across North America.

  • With AI now negotiating contracts autonomously and big names like Hitachi and AMD on board, Luminance isn’t just streamlining legal work—it’s redefining it.

Why it matters: Legal teams drowning in paperwork are finally getting a lifeline, as AI takes over the mind-numbing contract slog with speed and accuracy that would make a trainee solicitor weep. With Luminance expanding at breakneck speed and big names like Hitachi and AMD on board, the legal industry is shifting from late-night contract reviews to AI-driven efficiency. As funding floods in and AI starts negotiating deals, the days of lawyers endlessly redlining documents might just be numbered.

The summary: With $32M in fresh funding, Cambridge GaN Devices is leading the charge in gallium nitride power tech—slashing energy waste, cutting emissions, and giving data centres, EVs, and industry a much-needed efficiency boost, all while proving that power electronics can be both brilliant and planet-friendly.

The details:

  • Cambridge GaN Devices (CGD) has bagged a cool $32M in Series C funding to supercharge its expansion across the UK, Europe, North America, and Taiwan—because who doesn’t love a high-efficiency power revolution?

  • Founded in 2016 as a University of Cambridge spin-out, CGD is on a mission to replace old-school silicon chips with its cutting-edge gallium nitride (GaN) technology, slashing energy waste and CO₂ emissions.

  • With GaN power devices offering up to 50% energy savings, CGD’s tech is set to shake up data centres, EV chargers, and industrial power systems—delivering greener, leaner energy solutions.

  • Armed with fresh funding, CGD is gearing up for global scale, aiming to lead the charge in sustainable power electronics while giving energy bills (and emissions) a much-needed trim.

Why it matters: Energy-guzzling industries are in desperate need of a tech glow-up, and Cambridge GaN Devices is here to swap out clunky old silicon for sleek, ultra-efficient gallium nitride—cutting waste, emissions, and eye-watering power bills. With data centres, EVs, and industrial giants crying out for smarter energy solutions, CGD’s innovation isn’t just clever—it’s crucial for keeping the lights on without frying the planet. Backed by a fresh $32M, they’re set to take their game-changing tech global, proving that power electronics can be both high-performance and planet-friendly.

The summary: Lloyds is setting aside ÂŁ1.2bn to cover car finance mis-selling claims, hoping to dodge a PPI-sized headache while keeping its business as solid as a Sunday roast.

The details:

  • Lloyds is bracing for a ÂŁ1.2bn hit over the car finance mis-selling debacle, setting aside an extra ÂŁ700m—because, apparently, surprises are expensive.

  • Millions of motorists could be in for compensation, as banks face scrutiny over commission payments that may have quietly hiked car loan costs.

  • Despite the looming payout, Lloyds insists business is booming—though its annual profit slid from ÂŁ7.5bn to ÂŁ5.97bn, thanks to a wobbly UK economy and lower interest rates.

  • While some banks have set aside smaller sums (Barclays: ÂŁ90m, Santander: ÂŁ295m), Lloyds, owner of Black Horse, is the biggest player in this game of financial reckoning.

Why it matters: Well, Lloyds is trying to avoid another PPI-sized disaster, but it's facing a hefty bill over car finance mis-selling—because apparently, not all commissions are created equal. Despite the gloomy profit drop, the bank’s still putting on a brave face, claiming business is as “robust” as a pint on a Friday night. Ultimately, the car finance saga could leave some motorists with a fatter wallet, while Lloyds hopes to avoid a repeat of its PPI nightmares.