• Bolsters Executive Team with Appointment of new CTO and US General Manager
04 January 2023 | Luminance, the global leader in AI-powered document review, today announced a tenfold increase in adoption of its latest flagship product, Luminance Corporate, in 2022 as in-house legal teams turn to AI for complete legal process automation.
Luminance Corporate applies the company’s award-winning AI to enhance and expedite the entire contract lifecycle process and automate legal processes. This latest innovation makes Luminance the first AI in the world that can be used out-of-the-box to take a first pass review of any incoming contract, with a revolutionary Traffic Light Analysis feature to indicate where terms differ from previously agreed wording, helping legal teams to maintain compliance with internal standards and external regulations.
Driven by the success of Corporate, Luminance experienced consistent record-breaking quarters in 2022 and has bolstered its executive management team to ensure continued success as the company scales. Amongst its recent hires is Clementine Fox who joins the business as Luminance’s US General Manager from The Alan Turing Institute. Having seen a 140% increase in the number of US-headquartered customers adopting Luminance Corporate last year, Clementine will now spearhead Luminance’s continued expansion across the Americas, where recent signings including multinational organisations Koch Industries and Liberty Mutual.
Laura Pickle, CIO and Discovery Director at Koch Industries, the second largest privately held company in the US which recently deployed Luminance’s AI across its legal team, said: “Luminance improves efficiencies and frees up resources, allowing our legal team to focus on high-value work that drives business growth.”
Clementine Fox, Luminance’s US General Manager, added: “Businesses today face a host of new and complex challenges: from navigating increasingly complex regulatory frameworks and sudden world events, to an increasingly competitive market for talent. This is all against a backdrop of tightened budgets as the economic downturn is felt worldwide. At the heart of these challenges is the need for organisations to understand their contractual landscape better than ever before. AI is now a must-have for legal teams and the wider businesses they sit at the heart of.”
Further bolstering Luminance’s executive team is the newly appointed Chief Technology Officer, Simon Rogers. Simon brings with him a wealth of experience in growing technical teams at a range of start-ups and scale-ups, most recently at fellow Cambridge-born AI company, Featurespace, where he helped to lead the tech team through the development of their real-time AI product, used by major financial institutions around the world. Simon commented: “Having now analysed over 150 million documents, Luminance’s exposure to vast volumes of data combined with our core proprietary AI and deep domain knowledge of the legal industry makes it the most advanced legal language model today.”
Eleanor Lightbody, CEO of Luminance, added: “As companies around the world brace for the economic downturn, legal teams are facing more work than ever: from customers and suppliers considering terminating contracts in an effort to reduce costs, to dealing with redundancies and the subsequent increase in personal information requests such as DSARs. All of this work is going to fall at Legal’s door despite pressure to control costs. I am proud to lead a company that is delivering value to businesses during these uncertain times.”
Luminance is the world’s most advanced AI technology for the legal processing of contracts and documents. 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 matters, from AI-powered contract drafting, negotiation and review to investigations and eDiscovery. Luminance is trusted by over 500 customers in 60 countries, including all of the Big Four consultancy firms, a quarter of the world’s largest law firms and multinational organisations.
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