Legaltech startup Genie AI scores £2M seed for its ‘intelligent’ contract editor

TechCrunch | 7/23/2019 | Staff
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Genie AI, a legal tech startup and Entrepreneur First alumni, has raised £2 million in funding. The round is a combination of equity and a U.K. government grant, and will be used to continue development of the company’s “intelligent” contract editor for law firms and an upcoming product targeting GDPR compliance.

Leading the £1.2 million equity investment is Connect Ventures, 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 UK Research and Innovation.

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“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”.

The broader idea is that SuperDrafter can enable lawyers to benefit from the “collective intelligence” — both past and present — of an entire law firm. It does this by machine reading thousands of documents confidentially and then analyses variations of the same clause to deuce market standards and allow lawyers to negotiate the best deal for their clients.

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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,...
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