Luminance, the leading artificial intelligence platform for the legal industry, announces that its artificial technology has now been used in the due diligence process for over 110 transactions globally. Luminance was launched in September 2016 and is already working with clients in 12 countries.
Luminance also announces today that it is working with Uría Menéndez, a major Iberian law firm, to improve the efficiency of contract review processes within the firm. Luminance’s technology is language-agnostic, finding key patterns in every project it is deployed on without instruction. Uría Menéndez has therefore been able to deploy the technology on multilingual projects with minimum effort.
Luminance uses machine learning technology developed at Cambridge University to automatically read and understand legal documents. Proprietary algorithms sort, cluster and classify the contents of a data room before presenting them in an intuitive, visual interface with built-in collaboration tools. Uniquely, Luminance harnesses unsupervised machine learning to detect even subtle differences between contracts, enabling legal teams to focus on the most important aspects of a project from day one.
Santiago Gomez, IT Director at Uría Menéndez, said: “We have done a lot of research on different AI technologies (legal and non-legal specific), AI vendors, and also at universities where the basic AI research is taking place. We believe that, at this stage, Luminance is one of the very few companies in this market that has a clear idea of what AI can do for legal and has a product to demonstrate it.”
Emily Foges, CEO of Luminance, said: “Uría Menéndez has chosen to partner with Luminance as they recognise that our technology is transforming how lawyers work and will add enormous value to their practise.”
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