Invoke Capital, the tech investment vehicle founded by serial entrepreneur Mike Lynch, has invested $3m in Luminance.
Founded by a combination of laywers and mathematicians, and based on research and development at the University of Cambridge, Luminance leverages machine learning to transform the legal due diligence process.
Luminance CEO, Emily Foges, said: “Luminance has been trained to think like a lawyer. With Slaughter and May’s help, we are designing the system to understand how lawyers think, and to draw out key findings without the need to be told 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,” added Foges.
The startup uses artificial intelligence to read and understand complex detailed documents, enabling users to carry out necessary due diligence more efficiently.
Lynch, founder of Invoke Capital, commented on the investment: “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.
“Like our investments in Darktrace and Sophia Genetics, there is a technological advantage in this particular product that outstrips its rivals. 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,” concluded the entrepreneur.
If you’re interested in finding out more about AI, take a look at edition 11 of Tech City News’ popular tech magazine, The Artificial Intelligence issue, here.