8 February 2022 | Luminance, the world’s most advanced AI technology for document review and legal process automation, has signed a major six figure deal with one of Europe’s largest manufacturers.
The organisation, which employs more than 250,000 people worldwide, has adopted Luminance’s machine learning technology to assist with a range of large-scale document reviews such as M&A matters. Luminance will also support the in-house legal team in becoming 'business enablers’, proactively sourcing opportunities, managing risk and giving the legal team more agility when responding to urgent business questions. The company plans to roll the technology out across its entire European corporate legal department ahead of a global rollout in future.
Luminance recognises that organisations are increasingly facing the dual burdens of exponential data production and a growing volume and complexity of regulation affecting organisations, such as data protection and ESG regulations. Against this backdrop, more and more corporate legal teams are turning to Luminance’s AI to quickly and thoroughly understand their position. By reading and forming an understanding of documents, Luminance instantly presents key information back to the lawyer across a series of interactive widgets. Moreover, Luminance’s unique ability to conceptually understand data means, in the context of an ESG compliance review, for example, if a lawyer wanted to find any mention of ‘fossil fuels’ in a body of contracts, Luminance would also flag any mentions of similar terms such as ‘gas’ or ‘coal’, ensuring no possible risk is left uncovered.
Crucially for in-house legal teams, Luminance’s latest product, Luminance Corporate, is the only technology that can take a first-pass review of incoming contracts: when users open a contract in Word, Luminance automatically colour-codes the clauses according to how compliant or risky they are compared to an organisation’s desired standards.
“We’re really pleased to be working with such a large and significant global manufacturer,” said Eleanor Weaver, CEO of Luminance. “It demonstrates our ability to augment the work of in-house legal teams no matter the size of company or dataset.
"Corporate legal departments sit at the heart of every business, and in the face of exploding data volumes and a constantly shifting regulatory landscape, AI technology like Luminance has never been more important.”
Luminance is currently used by over 400 organisations in 60 countries worldwide, including all of the Big Four consultancy firms, over one fifth of the world’s largest law firms and in-house legal and compliance teams from leading organisations such as UK supermarket, Tesco, and global confectionary company, Ferrero. The platform is used by organisations working in over 80 languages.
Luminance is the world’s most advanced AI technology for document review and legal process automation. Founded by mathematicians from the University of Cambridge, Luminance’s AI reads and forms a conceptual understanding of documents in any language. Luminance uses this understanding to augment the spectrum of legal reviews: from taking a first-pass assessment of incoming contracts to automatically flagging contractual anomalies; from highlighting areas of non-compliance to be remedied, to labelling clauses and applying advanced AI-driven ECA and TAR within eDiscovery matters. Luminance is used by over 400 customers in 60 countries, including all of the Big Four consultancy firms, one-fifth of the world’s largest law firms and multinational conglomerates.
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