Luminance, one of the world’s fastest growing AI platforms for professional services, today announces that it has been adopted by over 100 customers across 35 countries, less than two years since launching. To support this growing international demand, Luminance now has 70 employees across the company’s London headquarters, and offices in Cambridge, Singapore, and Chicago, a three-fold increase within the past year.
Founded by a group of mathematicians and software engineers, Luminance is an artificial intelligence platform for lawyers which uses machine learning to read and analyse contracts and other documents much like a human does, thus improving the efficiency of processes such as due diligence and regulatory compliance reviews. Trained by legal experts, Luminance deploys some of the latest breakthroughs in pattern recognition and machine intelligence developed at the University of Cambridge. The technology is in use by over 10% of The Global 100 law firms, including Bird & Bird, Slaughter and May and Holland & Knight.
“I am delighted that we have reached such an important milestone so quickly,” said Emily Foges, Luminance CEO. “The success of the platform is a testament to the strength of the UK’s technology sector and the crucial role London has as a global centre of commerce. Our technology can augment the work of M&A lawyers in firms of any size or jurisdiction and our ambition is to give clients a platform for all their contract review needs.”
“The legal profession can no longer afford to ignore technology, and our clients increasingly demand the use of AI tools such as Luminance. The company’s success over the past two years is indicative of this growing importance of innovation in legal services, whether it be applied to M&A due diligence, e-discovery or regulatory compliance” added Karen Jacks, IT Director at Bird & Bird. “Over the past six months, the combination of Luminance’s sophisticated self-learning technology and Bird & Bird’s expertise has allowed us to evolve document review processes across a number of practice areas.”
The announcement comes as the fast-growing UK company celebrates the launch of ‘Luminance Corporate’, a new product to assist lawyers with international regulatory compliance, and ‘Luminance Discovery’, an expansion of the platform to help litigators ‘find the smoking gun’ in vast volumes of electronic information. These additional modules, alongside existing functionalities including ‘Luminance Diligence’ and ‘Luminance Property’, will make the AI tool the go-to platform for all legal document review needs.
Since launching in September 2016, Luminance has collected 16 prestigious awards, recognising the company’s exceptional growth and advanced machine learning platform. These include ‘Startup Tech Company of the Year’ at the National Technology Awards and ‘Best AI Start-Up’ at the esteemed AIconics awards, held at Kensington Palace last month.
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