12 January 2023 | Luminance, the world leader in legal process automation, today announced that one of the world’s largest pharmaceutical and biotechnology companies has adopted its advanced AI platform to streamline legal process across the global firm.
The multinational organisation, which has nearly 200 consumer health products under its umbrella, chose to adopt Luminance’s latest product, Luminance Corporate, which uses AI to expedite the entire contract lifecycle. The company will now benefit from 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.
Against a backdrop of unprecedented volumes of corporate data to review, supply chain distruption, and heightened regulatory scrutiny in the pharmaceutical industry, the company’s adoption of Luminance’s next-generation AI represents a critical step in maintaining their competitive edge in an evolving landscape.
Eleanor Lightbody, CEO of Luminance, commented: “We are thrilled to have a pharmaceutical company of this size and stature using Luminance’s AI to automate their legal processes. With companies around the world facing tightening budgets, enhanced workloads and heightened regulatory requirements, the need for AI has never been greater, and this recent signing demonstrates our ability to meet the needs of organisations of any size working in any language.”
Luminance recently announced a tenfold increase in its Corporate customer base in 2022, with customers including fellow multinational pharmaceutical company, IDEXX Laboratories, Liberty Mutual, and Koch Industries, the second largest privately held company in the United States.
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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