After reviewing more than 300 risk points, the comprehensive accuracy rate reached more than 95%
It was learned that the legal AI company “Power Law Intelligence” recently announced the completion of nearly 60 million yuan in Series A financing, led by Source Code Capital, and Jingwei China to follow the investment. Old shareholders Huayu Science and Technology, Sequoia China, and Linear Capital also participated in this round of investment. This round of funds will be mainly used for product optimization, market expansion and team building.
Power Law Intelligence was established in September 2017 and officially started operation in June 2018. The core team is from the Department of Computer Science of Tsinghua University. Its main business is to use natural language processing (NLP), data mining and other AI technologies to process legal texts. Provide services to legal persons. By allowing algorithms to understand legal texts, Power Law Intelligence has provided a variety of products and services such as smart contract review, legal smart question and answer, knowledge management, and legal search.
Among them, the AI-driven smart contract review product MeCheck is the main product of Power Law at this stage. It mainly serves the corporate legal department and has obtained top customers in multiple fields such as the Internet, manufacturing, and retail.
In large enterprises, on the one hand, the business lines are complex, the types of contracts are large, and the number of contracts is large, and the legal department is under pressure to review. Some mechanical repetitive review points reduce the time for legal personnel to perform higher-value work. On the other hand, different legal review experience and review standards are different. The same contract is given to two different legal services, and it is very common that the review results are different, and major risks may even be missed occasionally. In addition, the current level of informatization and digitization of enterprises’ contracts is low, and the value of data in them is also difficult to use and mine.
“Some large enterprises can have thousands of contract documents that need to be reviewed in one month. The demand for cost reduction, efficiency increase, and risk control capabilities is very strong. Not only large enterprises, but also a large number of small and medium-sized enterprises are drafting contracts. The demand for legal services represented by the review is far from being met. Common contracts generally cost a few thousand or tens of thousands of yuan. At present, the cost of reviewing and drafting a contract is basically more than 1,000 yuan. AI Intelligent review tools can lower the threshold of this type of legal service in the future to meet the unmet legal service needs.” Tu Cunchao, CEO of Power Law Intelligent told.
Specifically, the main function of MeCheck is to assist legal affairs in contract review. For specific types of contracts, through professional data annotation and algorithm training, the MeCeck system has learned hundreds or thousands of expressions for each clause. Therefore, when faced with a new contract, MeCheck can automatically review and locate the legal risk points in it. And give the corresponding suggestion plan. The form of the product is similar to a word document, with a navigation bar for the first and second levels on the left, and at the same time displaying the reviewed risk points on the right.
In addition to contract review, MeCheck also has some contract management functions, built-in contract ledger, contract comparison and statistical analysis system, using smart extraction of key information to transform contract textIt is a data asset that can intelligently extract and visualize performance events, and the performance nodes will be reminded in advance.
According to the introduction, MeCheck has realized the identification of contract types such as goods purchase and sale contracts, shop lease contracts, marketing activities, the extraction of hundreds of elements, and the review of more than 300 risk points, with a comprehensive accuracy rate of over 95%. A well-known domestic convenience store enterprise customer reported that MeCheck can help their internal legal affairs and external lawyers to save 60% of the time for reviewing shop lease contracts.
At present, MeCheck customers are mainly medium and large enterprises that have a large number of contract review needs of the same type. They can be deployed in the form of privatized deployment, and SaaS versions are also available.
“The ability to achieve such an accuracy rate and win the recognition of top corporate customers is mainly due to the long-term accumulation and application of power law in natural semantic understanding and other AI technologies, as well as the integrity of the team of senior legal experts. A scientific knowledge map. In addition, the company has achieved breakthroughs in key technologies, enabling scenario-based expansion and extension at the minimum cost.” Tu Cunchao said. Next, the Power Law Smart Plan further optimizes the product while expanding the application scenarios of smart contracts.
In addition to corporate contract scenarios, Power Law also has a secure and intelligent legal knowledge management collaboration system MeBox, which is mainly aimed at providing multiple sources (personal documents, emails and attachments, law firms) for law firms, partner teams, and the company’s legal department. Information, case materials, etc.), multi-format content can be personalized and intelligent search, users can manage personal documents, shared materials, case information, emails and other data management on one platform, and at the same time carry out safe, configurable work collaboration and shared.
It is reported that Power Law has received tens of millions of angel round financing from Huayu Science and Technology in May 2018; in December 2019, it completed tens of millions of pre-A rounds of financing from Sequoia China Seed Fund, linear capital and imo investment .
About investment
Source code capital Huang Yungang said: Source code has always been concerned about and optimistic about the development of legal technology. The application of AI technology in the legal industry will become deeper and deeper, and it will bring about huge industry changes in the long run. The Power Law team has a good accumulation of AI technology, respects industry knowledge, and continuously researches. It is able to create easy-to-use products and services from details, and has been recognized by many leading companies. We look forward to the team’s continuous improvement of products and expansion of more application scenarios to bring more service improvements to the industry.
Xiong Fei, partner of Jingwei China, said: The digital track in the legal field is our very optimistic direction. Power Law uses AI to serve the legal industry, with industry-leading products and first-class benchmarking customers, innovative models and excellent products. , At the same time, the team is deeply immersed in the legal industry. It is a rare team with excellent AI algorithm capabilities and legal industry awareness. We are very optimistic.