Indianapolis law firm Ice Miller has signed up with Luminance to streamline and speed up its due diligence processes for M&A transactions in a significant US win for the Cambridge-headquartered company, which only recently opened it first US headquarters in Chicago.
Luminance uses machine learning technology to improve contract review processes, such as M&A due diligence. The system sorts, clusters and classifies an entire data room, presenting it in an intuitive visualisation dashboard, giving lawyers immediate insight and prioritising their review.
“Luminance allows our team to provide our clients with the high-quality service they expect and demand from us through a more efficient platform,” said Richard Barnhart, a managing partner at Ice Miller, which has offices in Chicago; Cleveland; Columbus; DuPage County, New York; Philadelphia and Washington, D.C. Barnhart added: “We now find things far more quickly than using manual review alone.”
“Luminance’s cutting-edge technology complements Ice Miller’s innovative approach to meeting client needs,” said Emily Foges, Luminance CEO. “The firm has recognised that Luminance’s flexible, ‘plug and play’ artificial intelligence technology can transform its approach to legal contract review.”
Ice Miller has plans to use Luminance in other departments, such as real estate, in the near future.
“We are excited to use it to demonstrate the results of our due diligence process to clients” said Steven Humke, Ice Miller chief managing partner. “Our attorneys are committed to helping our clients stay ahead of a changing world.”
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http://legaltechnology.com//latest-news/luminance-closes-10m-series-a-funding-valuing-the-company-at-50m/