Luminance, the artificial intelligence (AI) platform for the legal profession, has been selected as one of the World Economic Forum’s ‘Technology Pioneers’, a prestigious group of early to growth-stage companies involved in the design, development and deployment of new technologies and innovations.
The company joins notable Technology Pioneers including Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Spotify, TransferWise, and Twitter.
Luminance, which was founded by a group of mathematicians from the University of Cambridge in 2015, relies on machine learning and pattern recognition techniques developed to read and understand legal language.
Its AI solution is now deployed to law firms and in-house teams in over 40 countries around the world, who use it to improve processes such as due diligence, compliance reviews, property portfolio analysis and eDiscovery.
Their proprietary software is able to read and understand contracts, allowing lawyers to cut through time-intensive document review up to 85% more quickly than they would manually, freeing them to spend more time advising clients.
This year’s Tech Pioneers are emerging innovators from a diverse set of industries. These innovative companies are shaping the future by advancing technologies such as AI, IoT, robotics, blockchain, biotechnology and many more.
All information on this year’s Technology Pioneers can be found here.