London-based legal technology startup Genie AI has created an intelligent contract editor, the “SuperDrafter,” which makes use of machine learning to extract, curate, share, and recommend related knowledge inside a firm or legal crew to create better contracts.
Founded in 2017, the startup has raised a €1.3 million seed round led by Connect Ventures, together with an €890k grant from UK Research and Innovation.
SuperDrafter assists lawyers by studying thousands of past documents confidentially, then recommending clauses throughout contract drafting, negotiation, and assessment. The result is a projected enhance in drafting efficiency by 52%, in response to a vote of 61 lawyers at a UK financial providers firm after a product demo. The startup is currently piloting its SuperDrafter with law corporations together with Clifford Chance, Pinsent Masons, and Withers.
SuperDrafter empowers lawyers with previously unavailable insights from previous transactions and negotiations. For instance, by analyzing thousands of variations of the identical clause, it can provide a greater understanding of market standards so that lawyers can negotiate the most effective offers for their clients. What’s more, SuperDrafter doesn’t require a human to tag or train the data – the algorithm learns by itself.
“With my and Nitish’s MSc dissertations in deep generative algorithms and reinforcement studying, we realized we couldn’t simply extract, however truly suggest authorized language particular to each matter,” stated Rafie Faruq, CEO & co-founder of Genie AI. “Lawyers always tell us they spend hours trawling by means of emails and file systems for that clause they wrote on that one deal; SuperDrafter reveals this automatically. But it’s not nearly efficiency. It’s about using the collective intelligence of the firm, and that means a superior client service for law firms and better commercial outcomes for in-house groups.”