Multinational pharma company buys into Luminance AI
Cambridge-based legal process automation specialist Luminance has announced that one of the world’s largest pharmaceutical and biotechnology companies has adopted its advanced AI platform to streamline legal process across the global firm.
The unidentified customer, which has nearly 200 consumer health products under its umbrella, chose to adopt Luminance’s latest product – Luminance Corporate – which uses AI to expedite the entire contract lifecycle.
The client will now benefit from the first AI in the world that can be used out-of-the-box to take a first pass review of any incoming contract. A revolutionary Traffic Light Analysis feature indicates where terms differ from previously agreed wording, helping legal teams to maintain compliance with internal standards and external regulations.
Against a backdrop of unprecedented volumes of corporate data to review, supply chain disruption and heightened regulatory scrutiny in the pharmaceutical industry, the company’s adoption of Luminance’s next-generation AI represents a critical step in maintaining their competitive edge in an evolving landscape.
Eleanor Lightbody, CEO of Luminance, said: “We are thrilled to have a pharmaceutical company of this size and stature using Luminance’s AI to automate their legal processes.
“With companies around the world facing tightening budgets, enhanced workloads and heightened regulatory requirements, the need for AI has never been greater, and this recent signing demonstrates our ability to meet the needs of organisations of any size working in any language.”
Luminance recently announced a tenfold increase in its corporate customer base in 2022, with customers including fellow multinational pharmaceutical company, IDEXX Laboratories, Liberty Mutual, and Koch Industries, the second largest privately held company in the United States.
Luminance is trusted by over 500 customers in 60 countries, including all of the Big Four consultancy firms, a quarter of the world’s largest law firms and a number of multinational organisations.