- Luminance is a legal tech AI startup that allows lawyers to automate many of their long, admin-based contracting tasks.
- Founded by AI experts from the University of Cambridge, Luminance has developed a platform trained in over 150 million legal documents, allowing it to automate contract creation, negotiation and analysis.
- The startup currently serves over 700 companies across 70 countries.
Website: www.luminance.com
What Is Luminance?
Luminance is a UK-based legal tech startup founded in 2015 by AI experts at the University of Cambridge.
Luminance launched as a way to help cut down the amount of admin-time needed for legal professionals during contract work. The platform uses a legal Large Language Model (LPT) to automate contract drafting, negotiation and analysis.
Contracts were historically reviewed, managed and negotiated manually, the process tended to be long, expensive and prone to human error.
As legal teams become busier and contracts become more complicated, Luminance’s AI helps them work faster, without compromising on accuracy.
To date, the model, named the Legal-Grade™ AI, is trained on over 150 million legal documents across various languages.
Recently, Luminance around its Series C funding round, where it raised $75 million.
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What Makes Luminance Unique?
Luminance is unique because of its Legal-Grade™ AI technology, which has been built to be an expert in the legal industry. Their AI product has been trained on over 150 million legally verified documents, all of which have been used or create by top global law firms.
The company is also unique for its ‘Panel of Judges’ model, which cross references multiple language models to make sure the output is legally verified by multiple sources.
The company doesn’t just help draft and negotiate contracts, it also has other features like Agent Lumi (a legal AI assistant) and Lumi Go (AI negotiation) helping lawyers with all areas of contract law.
Is There A Market For Legal AI?
Absolutely. The global legal tech market is expected to reach $45 billion by 2030, and it’s only going up.
As more businesses look for legal support, lawyers and their teams are becoming increasingly overwhelmed by their workloads. In fact, according to stats by JMC Legal Recruitment, 83% of lawyers report feeling stressed regularly and 15% of solicitors work more than 60 hours per week.
As contract reviewing can take a significant amount of time, this sector is crying out for automation.
AI tools like those by Luminance not only save time, but also reduce the risk of human error. This has already worked for a number of big name clients, including Hitachi, IDEXX and Featurespace.
And with a fresh funding round announced of $75 million, it’s clear that investors also believe in Luminance’s potential.
What Key Products Does Luminance Have?
Luminance has a number of products, including:
Luminance Corporate
- Contract processing, analysis and drafting
Luminance Diligence
- AI contract review system that can find anomalies and makes sure the contract is compliant.
Luminance Discovery
- Data understanding, searching and culling
Lumi Go
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AI-led contract negotiation tool
Agent Lumi
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Legal-Grade™ chatbot for asking questions about legal tasks
Ask Lumi (Repository)
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Allows legal teams to query contract data instantly