15 Feb 2022 | UK based infrastructure investment and management group, Semperian Infrastructure Group Limited (‘Semperian’), has extended its adoption of Luminance’s market-leading artificial intelligence to augment portfolio-wide contract management.
With approximately 100 investments in its portfolio and £1.9 billion worth of assets under management, Semperian sees a growing need to implement fast and insightful reviews of more than 3,000 key documents. Semperian turned to Luminance’s AI technology, which uses machine learning to read and understand documents, presenting key information and reports back to the user. Such reports identify key clauses, terms, risks, consistencies, and inconsistencies, across a significant number of documents, in a fraction of the time of traditional due diligence.
To date, Semperian has used Luminance across a range of projects, most recently in connection with the transition from LIBOR based interest rates in a wide range of its financial contracts. To deliver this legally required change, it was necessary to rapidly understand the relevant contractual requirements and determine associated actions. Luminance reports underpinned Semperian’s transition strategy, priorities and process. In this task, Semperian estimates a time saving of almost 90% against the equivalent manual due diligence.
Colin Anderson, General Counsel at Semperian, said: “It is critical that we have a comprehensive understanding of the contractual landscape across our portfolio. Luminance allows us to gain rapid and thorough insight into targeted areas of our contracts, allowing us to understand the impact of any given issue across our portfolio. We look forward to continuing our work with the highly supportive and excellent Luminance team and in seeking opportunities to further expand our use of the technology in the future.”
Eleanor Weaver, CEO of Luminance, adds: “We are delighted to renew our partnership with Semperian. Luminance is a vital tool for investment and asset managers, as they need to be fully aware of any obligations or risks in their contracts to protect the value of their investments.”
Luminance is currently used by over 400 organisations in 60 countries, including over one fifth of the Global Top 100 law firms, all of the Big Four professional services firms as well as corporate customers such as Tesco and Ferrero.
Luminance is the leading artificial intelligence platform for the legal profession. Founded by mathematicians from the University of Cambridge, Luminance has developed the Legal Inference Transformation Engine (LITE), the first true application of machine learning to the legal industry, combining pattern-recognition technology with supervised and unsupervised machine learning to read and understand human language. Luminance is used by law firms and in-house teams in over 60 countries around the world to improve processes such as due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. The company has offices in London, Cambridge, New York, and Singapore.
Semperian was launched in October 2007 with the aim of investing in UK Social Infrastructure, providing essential public services to local communities. Semperian gives its investors access to a large, diversified portfolio of mature Public Private Partnership (PPP) concession-based investments, within the Social Infrastructure environment. Semperian has investments valued at approximately £1.9 billion across its portfolio of assets.
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