Legal AI Co. Luminance Ventures into Real Estate Sector

UK legal AI company, Luminance is to start working with real estate consultancy, Arcadis, which is also its first publicly announced client win outside the legal sector.

The move is doubly interesting at it puts Luminance in more direct competition with German legal AI and prop-tech company, LEVERTON, which has specialised in providing AI document analysis services to the real estate sector.

In a statement, Luminance said that the move was part of a wider strategy now to target inhouse legal teams at corporates across a wide range of sectors.

The AI company and the real estate consultancy hope to find errors and potential vulnerabilities in documents related to real estate transactions. For example, to detect anomalies where sections, paragraphs or words have been changed or omitted between different surveyors’ reports.

Matthew Cutts, Global Financial Institutions Sector Leader at Arcadis, said: ‘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.’

Luminance launched in September 2016 and is currently live in 12 countries, having completed over 110 client transactions globally. It’s also recently had a run of success in Western Europe, lining up several new client wins in Scandinavia and Spain.