13 July 2021- Luminance has been awarded ‘Hot Company of the Year’ in the Artificial Intelligence category at this year’s IT World Awards.
In its 16th year, the IT World Awards honours the achievements made by some the world’s best technology companies, with over 65 industry experts from around the world participating in the judging process.
Luminance’s win in the category of ‘Hot AI company of the Year’ comes off the back of a particularly strong year for the company, having seen a 40% increase in the uptake of its technology by law firms and in-house legal teams. Luminance’s technology, which uses a combination of supervised and unsupervised machine learning to read and understand legal documents, is now used by over 300 organisations globally, including all of the ‘Big Four’ professional services firms and multinational organisations such as confectionary company, Fererro. Growing demand for Luminance’s technology led to the launch of a brand-new product just last month - ‘Luminance Corporate’, is designed to assist in-house lawyers throughout the whole contract lifecycle process, from contract management and drafting to negotiation.
“We are honoured to be recognised by the IT World Awards,” said Eleanor Weaver, CEO of Luminance. “Luminance has experienced tremendous growth since its launch in 2016 and that is testament to our pioneering and industry-leading technology borne out of research from the University of Cambridge. In today’s complex world, AI like Luminance is one of the most important technological advancements to drive efficiency and manage exploding data volumes. We are proud to be at the forefront of these developments.”
Luminance uses 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.
About the IT World Awards
As industry’s leading technology research and advisory publication, Network Products Guide plays a vital role in keeping decision makers and end-users informed of the choices they can make in all areas of information technology and digital + cyber security. The Annual IT World Awards is part of the SVUS Awards® recognition program from Silicon Valley in the United States of America and organizations from all over the world participate each year. Learn more about the IT World Awards at https://networkproductsguide.com
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