Luminance, the pioneer in Legal-Grade™ AI, today announced that leading proptech company, Knotel, has adopted its AI to automate and augment legal activity across the fast-growing company.

As a world-leading flexible workspace platform, Knotel creates custom headquarters for companies of various sizes. Growing quickly and operating in the proptech sphere, Knotel handles vast quantities of agreements between customers and suppliers alike, all the while navigating the rapidly evolving global regulatory landscape.

With these growing pressures in mind, the team sought to implement a technology to optimise efficiency and economise on resource. Faced with navigating a noisy market, Luminance stood out to the team at Knotel for its capacity to enhance the entire workflow, from contract generation and negotiation to post-execution analysis. These end-to-end capabilities gave the team confidence that Luminance would be a one-stop-shop solution to address all of their contracting needs and accelerate processes business-wide.

With the aim of automating cycle time for all agreements from creation through close, Luminance is enabling Knotel to reduce cost, time and resource across the entire contractual lifecycle. As a result, less work needs to be outsourced to external counsel and the team can handle larger workloads with confidence. The benefits of Luminance extend beyond just the legal team; Self-Serve functionality empowers non-legal teams to handle contracts autonomously, while Luminance’s Legal Helpdesk offers a centralised platform to streamline legal queries and requests. In combination with Luminance’s powerful workflow automation capabilities, bottlenecks to commercial activity are reduced and internal processes across the business optimised.

“We’ve reached the point where AI is no longer a nice addition but a commercial imperative. The alternative is getting left behind and losing out to competitors who are reaping the benefits,” said Connagh McCormick, Head of Legal at Knotel. “Luminance is the clear leader in the space and I’m excited to spread the incredible efficiency gains we see from it across the business.”

“It’s great to see the team at Knotel harnessing Luminance’s end-to-end capabilities and benefitting the business as a whole,” said Eleanor Lightbody, CEO at Luminance. “I’m particularly excited to welcome Knotel as the latest addition to Luminance’s rapidly expanding customer base. With Knotel’s Head of Legal, Connagh McCormick, having benefitted from Luminance at his previous company, it’s great to see the value of our technology bringing back repeat customers.”

ENDS

About Knotel

Knotel is the world’s leading flexible workspace platform that matches, tailors and manages space for customers. Knotel caters to established and growing companies, giving them the freedom to focus on their business, culture, and people. Knotel is transforming commercial real estate and moving companies forward.

About Luminance
Luminance is the Contract Intelligence platform that turns the language that defines a business into the intelligence it runs on. Born out of the University of Cambridge and purpose-built by AI, legal and technology experts, Luminance understands the history and context of every contract. It acts on that intelligence, proactively surfacing risk, flagging obligations, accelerating negotiations and driving action across Legal, Finance, Procurement, Sales and the wider business. It enables enterprises to learn from their contracts, while contracts learn from the enterprise, helping businesses make better decisions and move forward with confidence.