Machine-Learning Legal Document Drafter Gets Equity & Government Investment
A startup legaltech venture, Genie AI, that is used to permit “intelligent” contract editor for law firms and an upcoming product targeting GDPR compliance has received £2 million in equity and government funding.
Investment came from tech investor Connect Venture with participation from a number of angel investors, including former President of the Supreme Court Lord Neuberger and professor Jun Wang at UCL. The £800,000 grant was awarded by U.K. Research and Innovation.
“Lawyers always tell us ‘I know I’ve done something like that before,’ but in large firms it’s a real pain to dig past drafting out of emails, document management systems and the minds of senior lawyers,” says Genie AI co-founder and CEO Rafie Faruq. “SuperDrafter solves this by automatically curating relevant knowledge from around the firm, and recommending clauses to lawyers as they draft, in real time.”
SuperDrafter is also designed to permit lawyers to benefit from ‘collective intelligence’ across the law firm.
This occurs through the machine reading of multiple documents, which are then analysed for key clauses to let lawyers negotiate the best deal for clients.
In addition, Genie AI claims that SuperDrafter does not require a human to tag or train the required data. Instead, the algorithm “learns by itself.”
“When drafting documents, lawyers typically start from a template, a document from a negotiating party, or an ‘automated’ first draft using a questionnaire. Next, in order to tailor or negotiate the contract as it goes back and forth, lawyers typically have to search for past wording or tweak certain clauses, and there are always thousands of variations of the same clause,” says Faruq.
“[Using SuperDrafter], lawyers can now do this in one click, by simply loading in a document and viewing recommended clauses for each part of the contract. This gives lawyers the collective intelligence of the firm at their fingertips.”