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Delphi announces the adoption of Luminance's AI technology
21 June 2017 | Press Release
One of the leading commercial law firms in Sweden, Delphi, has deployed Luminance's artificial intelligence technology to transform its contract review processes for M&A due diligence.
The firm, which last year was named Commercial Law Firm of the Year for the third year in a row in the Regi annual client survey (Sweden's largest), selected Luminance after completing a successful pilot of the technology using both English and Swedish documents from a historic transaction. Once Delphi had uploaded an extensive set of contracts, Luminance immediately began to structure the data room, clustering documents and identifying clauses from day one of the transaction.
Luminance, the leader in artificial intelligence for the legal industry, is pleased to have been awarded 'Best AI Product in Legal' at the inaugural CogX AI Innovation Awards in London.
The AI Innovation Awards celebrate the best and most innovative global contributors to AI. Luminance received its award in recognition of the transformational effect its AI platform confers on M&A lawyers during legal due diligence and other contract review processes. Other winners on the night included Tesla and DeepMind.
Luminance harnesses the latest advances in machine learning technology, developed at the University of Cambridge, to automatically read and understand large volumes of documents and highlight potential risks. The system enables faster and more accurate review, giving lawyers an instant visual insight into the contents of a data room. Uniquely, Luminance detects subtle but potentially significant differences between contracts so that key issues can be highlighted at the earliest possible stage of a transaction, offering clients a better negotiating position from the outset.
"This award underlines the fact that Luminance is leading the market in applying ground-breaking advances in machine learning and mathematics to the legal industry," said Emily Foges, Luminance CEO. "Our unique product is enhancing the work of lawyers all over the world, and we expect to build on this exceptional momentum over the coming months. We are delighted to have been recognised by the CogX judges alongside other global AI and machine learning leaders."
Luminance launched in September 2016 and is currently deployed in 12 countries, having completed over 120 transactions with 26 organisations.
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