Arcadis, the leading global design and consultancy firm for natural and built assets, has selected Luminance’s artificial intelligence technology to transform their legal document review and management processes for private equity and sovereign wealth fund clients.
Arcadis is using Luminance’s advanced machine learning algorithms to solve a long-standing problem of finding the errors and potential vulnerabilities in a vast arrange of legally-binding paperwork for real estate portfolio transactions. In one use case, Luminance’s advanced anomaly detection pinpoints where sections, paragraphs or words have been changed or omitted between different surveyor’s reports. The system will help the firm to accelerate their internal due diligence processes, directly benefitting their clients, which include private equity and sovereign wealth funds.
“We welcome our first major client from outside the legal industry,” said Emily Foges, CEO of Luminance. “Arcadis’ successful deployment of Luminance demonstrates the wider applications of our platform beyond due diligence – it really is a fundamental technology that is already changing how professionals work.”
Luminance, developed from Ph.D. research at Cambridge University, harnesses proprietary machine learning algorithms to read and understand documents as a human does, at speeds no human can match. It detects patterns within language, allowing it to sort, cluster and classify documents while exposing anomalies – subtle differences between similar documents that indicate where review should be focused. Built-in collaboration tools also add value to Arcadis’ work by streamlining the entire review process.
“We have decided to deploy artificial intelligence as we have a high number of international projects planned for the upcoming months. Over the course of our pilot with Luminance we have seen the great benefits its technology will bring to our work by making our review processes even more efficient.” said Matthew Cutts, Global Financial Institutions Sector Leader at Arcadis.
Luminance launched in September 2016 and is currently live in 12 countries, having completed over 110 client transactions globally.
For more information please contact:
For Arcadis: Andy Rowlands: +44 7952 594 784
Luminance is an artificial intelligence platform for lawyers which uses machine learning to read and analyse contracts and other documents much like a human does, thus improving the efficiency of processes such as due diligence. Deploying some of the latest breakthroughs in pattern recognition and machine intelligence from the University of Cambridge, and trained by legal experts, Luminance understands and can highlight anomalies among large groups of documents so that lawyers can prioritise their work. The company is backed by Invoke Capital, an investment fund dedicated to unlocking the potential of European technology. www.luminance.com
Arcadis is the leading global design & consultancy firm for natural and built assets. Applying its deep market sector insights and collective design, consultancy, engineering, project and management services, Arcadis works in partnership with clients to deliver exceptional and sustainable outcomes throughout the lifecycle of their natural and built assets. With 27,000 people active in over 70 countries that generate €3.3 billion in revenues, Arcadis supports UN-Habitat with knowledge and expertise to improve quality of life in rapidly growing cities around the world. www.arcadis.com
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