16 June 2021- Luminance, the world-leading AI platform for the legal profession, has been declared the ‘Best AI Product for Legal’ at the annual CogX Innovation Awards. This is the second time the company has been handpicked for the prestigious accolade, having won the same award in 2017.
The annual CogX Innovation Awards celebrate the best-of-the-best in AI and emerging technologies, with this year’s winners including AstraZeneca, Babylon Health and Eigen Technologies.
Luminance’s technology, which uses machine learning to help lawyers read and understand legal documentation, is now used by over 300 organisations globally, including all of the ‘Big Four’ professional services firms and multinational organisations such as confectionary company, Ferrero. After seeing uptake of its technology increase by 40% in 2020, last month Luminance launched a new product underpinned by the same AI technology. ‘Luminance Corporate’ is the third addition to the Luminance suite and is designed to assist in-house lawyers in the process of contract mark-up, templating and negotiation.
Eleanor Weaver, CEO of Luminance, comments: “Being recognised by CogX, a global leader in AI and emerging technology, in their annual awards program is a huge achievement for Luminance- we are proud to be sitting amongst the world’s leading tech companies. Our technology is revolutionary for the legal sector, allowing legal teams to identify all of the key information and risk contained within their contract and documents on the first day of a review. This insight is allowing legal teams from 55 countries to deliver rapid and best-in-class advice to their clients and businesses.”
Luminance is the only technology that combines supervised and unsupervised machine learning techniques to read and form an understanding of legal data, instantly surfacing key datapoints, risks and anomalies, becoming increasingly sophisticated with continuing use. In recognition of its transformative technology, Luminance was named a ‘Future Fifty’ company by Tech Nation and a ‘Technology Pioneer’ by the World Economic Forum.
Luminance is the leading artificial intelligence platform for the legal profession, with over 300 customers in more than 50 countries. Luminance’s machine learning technology reads and forms an understanding of documents, helping lawyers to perform the most thorough and rapid document reviews across practice areas including due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. Luminance has offices in London, Cambridge, New York and Singapore.
CogX is the world’s leading AI festival with over 100,000 people in attendance from the highest levels of business, government, industry and research. The annual awards ceremony celebrates the best-of-the-best in AI and emerging technologies and finalists were decided by an expert team of judges featuring some of tech and global innovation’s most prominent change leaders.
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