Leading British AI company, Luminance, today celebrates its fifth year of business following a record-breaking year. Luminance’s pioneering technology is now used by 350 organisations across 60 countries and, in the last financial year alone, saw a 40% increase in the uptake of its leading artificial intelligence platform.
In what has been a defining year for the company, Luminance has been named a ‘Future Fifty’ company by Tech Nation and is an honouree of a prestigious Fast Company award. Luminance has increased its reach in Asia following the launch of enhanced Japanese, Chinese and Korean machine learning and released its third product, Luminance Corporate, following global demand for Luminance’s technology from major retail corporations such as Tesco and Ferrero.
Arriving on the scene in 2016, the Cambridge-born company is now a household name in the world of AI, with all the ‘Big Four’ accountancy firms, over one fifth of ‘Global Top 100’ law firms, as well as Fortune 500 companies using its next-generation machine learning to gain greater insight into their vast datasets and generate enormous time and cost savings. Luminance’s contract review tool has seen recent customer wins with the likes of UK Top 50 law firms Eversheds Sutherland and Stephenson Harwood, whilst Luminance’s AI-powered eDiscovery tool saw sales skyrocket by 65% over the past year, with customers including the world’s largest law firm, Dentons, achieving time savings of up to 85%.
Eleanor Weaver, CEO at Luminance, commented: ‘We are incredibly excited to celebrate Luminance’s fifth anniversary. Five years ago, this market was unchartered territory and now excitement surrounding our technology and the possibilities for the future of the legal practice is at an all-time high. We look forward to continuing at the forefront of technological innovation with Luminance’s ground-breaking AI platform and to celebrating many more milestone achievements.’ She continues, ‘While we are immensely proud of how our platform has transformed the work of legal teams, Luminance’s ability to understand any type of contract means that its potential extends far beyond the legal sector, with Luminance having the potential to revolutionise every business that needs to rapidly and intelligently understand its contracts and other corporate data. The sky truly is the limit for Luminance.’
Luminance uses machine learning to read and form an understanding of legal documentation in any language and jurisdiction, surfacing key datapoints and anomalies, becoming increasingly sophisticated and bespoke with continued use. Luminance was recently named a Global Leader in LawTech by the prestigious legal directory, Chambers and Partners, and is a World Economic Forum ‘Technology Pioneer’.
Luminance is the leading artificial intelligence platform for the legal profession, with 350 customers in more than 60 countries. Luminance’s machine learning technology reads and forms an understanding of documents, helping lawyers to perform the most thorough and rapid document reviews across practice areas including due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. Luminance has over 100 employees in offices in London, Cambridge, New York and Singapore.