Luminance has announced today that it is releasing a range of machine learning-driven upgrades in a powerful product update available to all customers.
Luminance uses machine learning to read and form an understanding of documents, instantly surfacing key clauses, datapoints, document types and languages without the need for machine training or pre-configuration. The latest version of Luminance offers customers a fundamental upgrade to the platform, including:
- Additional machine learning support: With Luminance currently used to analyse documents in over 80 languages, the company has bolstered its machine learning capabilities for the Japanese, Korean, Chinese and Bahasa Indonesian languages to help supports its global customer base.
- Enhanced data storage integrations: Luminance can now support customers in syncing between an extended range of virtual data rooms and document management systems including AdminControl and Sharepoint. This is a particularly critical update with the majority of Luminance’s customers continuing to work remotely due to the Covid-19 pandemic.
- Augmented search tools: Lawyers can now conduct more sophisticated queries of their documents, such as searching for specific words or phrases within a particular clause. This might be used to understand whether an agreement can be terminated in light of Covid-19-related disruption by searching for examples of ‘pandemic’ or ‘quarantine restrictions’ within force majeure clauses, vastly expediting the review. Further, if a reviewer was searching for an ‘Indemnity’ clause, Luminance can surface similarly-worded examples of this particular search, such as examples of ‘indemnify’ and ‘indemnification’, allowing lawyers to uncover subtle risks and key information.
- Visual workflow tools: Luminance’s Workflow Editor is a visual way to see and understand the various elements of every project that lawyers are working on. The drag-and-drop interface allows lawyers to easily set up workflows on the basis of understanding what is in each document. The Workflow Editor represents a way of streamlining and managing all aspects of the diligence process as well as providing an at-a-glance view of how each project is going and how resource is allocated.
Luminance’s latest product upgrade also encapsulates a stream of R&D updates that Luminance has developed in the last part of 2020, including out-of-the-box Personally Identifiable Information redactionand Microsoft Word integration.
Luminance is currently used by 300 law firms and organisations worldwide, including all of the ‘Big Four’ accounting firms and over one-fifth of the ‘Global Top 100’ law firms. The company has been recognised as a Technology Pioneer by the World Economic Forum.