Luminance, the brainchild of a group of lawyers and mathematicians, and based on R&D at the University of Cambridge, leverages machine learning to transform the legal due diligence process. This artificial intelligence startup has now acquired $3 million in an investment by Invoke Capital, a tech investment vehicle founded by Mike Lynch, for the very same tech.
Luminance uses AI to read and understand complex, detailed documents, which allows users to carry out necessary due diligence in a much more efficient fashion. The system design is currently underway to help the organization figure out exactly how it is that lawyers think, and even how to draw out key findings without being given the specifics of what to look for.
This will transform document analysis and enhance the entire transaction process for law firms and their clients. Highly-trained lawyers who would otherwise be scanning through thousands of pages of repetitive documents can spend more of their time analysing the findings and negotiating the terms of the deal.
This system can therefore be used towards the very desirable goal of making legal proceedings faster, more effective, and more responsive. Commenting on the investment, Lynch said:
It is not an understatement to say that this is an application of artificial intelligence that will completely transform the due diligence process, which is perhaps long overdue.
Invoke Capital has established a pattern with its investments, carefully picking out companies and startups whose offerings clearly outstrip rivals with their particular products, like Darktrace and Sophia Genetics. The technological advantage of Luminance is something that cannot be overlooked, according to Lynch. He also adds:
AI has been famous for winning complex strategy games and this now puts it in the workplace, and in boardrooms, where its impact will be felt.