In a resounding testament to its pioneering efforts, London-based legal AI firm Genie AI has attained a substantial grant of nearly £200,000 from Innovate UK, marking a pivotal stride in the advancement of its cutting-edge AI legal assistant. The company’s ambitious project, titled “Enabling SMEs to Decipher Legal Contracts via Conversational AI Trained on Open-Sourced Contracts,” emerged as a triumphant entrant within the esteemed “Innovation in Professional and Financial Services” competition.
With the infusion of the Innovate UK grant, Genie AI’s trajectory has witnessed remarkable acceleration. Evidencing the grant’s immediate impact, the company has seamlessly integrated an impressive cohort of 13,000 companies onto their platform, facilitating the utilisation of over 10,000 legal documents. Notably, Genie AI has attained an illustrious milestone by garnering up to 200 user sign-ups daily, a manifestation of the growing confidence vested by users in the product’s capabilities. Moreover, the grant has kindled the creation and imminent launch of the world’s most advanced AI legal assistant, poised to revolutionise the expediency of generating and evaluating legal agreements for businesses.
CEO Rafie Faruq succinctly encapsulated the transformative essence of Genie AI’s legal assistant, underscoring its resonance within the evolving legal landscape: “The dynamics of the legal realm are undergoing rapid transformation. Enterprises seek swift access to services that are cost-effective, in lieu of enduring prolonged email exchanges. Genie’s AI assistant delivers instant solutions, enriched with the acumen and expertise of seasoned legal professionals.” This ethos reverberates the company’s overarching mission to democratize and simplify legal services. Rafie Faruq further noted, “This latest grant fortifies our enduring partnership with Innovate UK, which extends back to a precedent-setting two-year project conducted alongside Oxford University and Imperial College’s machine learning and computational privacy departments. This underscores Genie’s steadfast commitment to academic and technical excellence.”
Emerging as a rising luminary in the legal technology domain, Genie AI has distinguished itself through its pioneering fusion of AI prowess with the intricacies of the legal sphere. The Innovate UK grant resonates with the company’s aspiration to solidify its front-running status within the field, as it strides toward the imminent market launch of its AI legal assistant. This transformative advancement is set to reshape the landscape of comprehending and accessing contracts for businesses.
In consonance with the CEO’s perspective, Rafie Faruq highlighted the momentous strides witnessed by AI, asserting, “We stand at an exhilarating juncture, as AI capabilities have reached a level where they parallel, and at times surpass, human experts across diverse professions. Genie’s innovative synergy of AI proficiency, meticulous UX/UI design, and its advanced legal document editor, SuperDrafter, fosters an accelerated journey toward completion for legal agreements.”
To remain abreast of the latest developments, prospective stakeholders are encouraged to join the Genie AI community via this link: https://app.genieai.co/community.