Axiom, a alternative legal services provider, is embarking on a journey to become an even bigger player on the legal technology market and also intensifies the competition in the legal market.
According the media reports, Axiom opened a new research and development facility in Seattle to continue its research and development efforts to shape next generation AI applications for more unique and transformative use cases.. It also plans to double its number of technology employees, including engineers and data scientists. Doug Hebenthal, a tech industry veteran who has worked for Microsoft and Amazon, was hired as first chief technology officer. Hebenthal will run the new Seattle R&D outpost, including the company’s automation and artificial intelligence capabilities.
Recently, Axiom also announced the launch of AxiomAI to improve the efficiency and quality of its contracts work through AI. In this programme Axiom wants to use of current generation AI to help extract information from contracts. As part of AxiomAI, Axiom will accelerate the use of current generation AI to help extract information from contracts in order to streamline contract analysis. At the same time, Axiom will continue its research and development efforts to shape next generation AI applications for more unique and transformative use cases.
“Our use of AI today increases the velocity of contract review work,” explained Donio, CEO of Axiom, “It allows legal teams to focus on interpreting and analyzing key clauses, rather than spending time finding them. The future of AI promises to radically reengineer contracting and we’re committed to pushing those boundaries. It takes a high volume of data and a uniqueness of attributes to help the algorithms learn. Axiom is in a unique position to lead, extracting millions of pieces of contract data a year.”
As part of Axiom’s R&D efforts, the firm will be shaping how state-of-the-art techniques in machine learning can be applied to contracting work. The goal is to move from finding clauses to interpreting clauses, which promises to dramatically improve the speed of contract analysis, enable more powerful insights, and ultimately deliver the capability of creating new bodies of contracts faster, and with higher quality.
Axiom partnered up with Kira (see also story in Artificial Lawyer) to use its software in M&A Due Diligences to source relevant clauses from contracts. The hope is to enable a more efficient interpretation and structuring of contract data.
