Robots are becoming smarter by the day thanks to advances in AI and machine learning, and it seems that no industry is safe from the disruption that it brings — including the legal sector.
On this week’s pitch segment of The Disruptors, Kira Systems showed how its platform can significantly reduce the time it takes to go over legal documents. Kira Systems uses machine learning to analyze legal contracts, allowing lawyers, accountants, and businesses to go through important pieces of information more quickly.
“We have algorithms that understand what provisions in contracts look like, and Kira takes work that professionals are already doing — extracting data out of a contract — and helps them do that work more accurately with 20 to 90 percent less time,” said Kira Systems founder Noah Waisberg.
The company counts Deloitte as a customer, which currently has 3,000 users on the Kira Systems platform. “They have vast amounts of unstructured information that they can’t understand right now, and our software can help bring them understanding of what’s in these unstructured documents,” he said.
Co-host Bruce Croxon said it would never replace “brilliant minds” we have, but co-host Amber Kanwar countered it replaces the dull work. “Who wants to spend x amount of hours proofreading a document?” Croxon asked.
Watch the whole pitch below:
BetaKit is a production partner on The Disruptors. Tune in to BNN every Thursday night at 7pm for full episodes!