Legaltech startup secures £2m to develop GDPR-compliant AI product
A London-based legaltech startup has raised £2m to invest in the development of machine learning tools for legal professionals.
Genie AI has closed a £1.2m seed round led by Connect Ventures, as well as winning an £800k grant from UK Research and Innovation, for the development of its second project following the launch of its SuperDrafter machine learning technology.
The firm’s first product, SuperDrafter, uses AI to curate and share relevant legal knowledge within a firm or legal team, and is the brainchild of Genie AI co-founders Rafie Faruq and Nitish Mutha.
Rafie Faruq, CEO & co-founder of Genie AI, explained: “With my and Nitish’s MSc dissertations in deep generative algorithms and reinforcement learning, we realised we can not just extract, but actually recommend legal language specific to each matter.
“Lawyers always tell us they spend hours trawling through emails and file systems for that clause they wrote on that one deal; SuperDrafter shows this automatically.
“But it’s not just about efficiency. It’s about utilising the collective intelligence of the firm, and that means a superior client service for law firms, and better commercial outcomes for in-house teams.”
Both the grant and investment round, which also saw participation from angel investors and advisors such as former President of the Supreme Court Lord Neuberger and Professor Jun Wang at UCL, will allow the firm to develop Anonymiser, GDPR-compliant tech which will automatically redact confidential information from contracts, complying with GDPR.
Professor Jun Wang at UCL added: “I am very pleased to see that SuperDrafter innovates the state of the art deep Natural Language Processing algorithms to decipher the semantic meaning behind sentences, while its clauses recommender is driven by machine learning from a large amount of historical data.
“It is rather rare that the team are able to, within a short period of time, develop the product balancing the scientific research and product development.”
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