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.

ENDS

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.