LexisNexis Announces First Five Legal Tech Accelerator Participants

LexisNexis today announced the first five participants in its new Silicon Valley legal tech accelerator program, which was created to give startups a leg up in the rapidly expanding legal tech industry. In line with LexisNexis’ broader vision to transform the way law is practiced, each of the accelerator participants is uniquely innovating in distinct areas of the law. After a thorough evalution process, the five finalists – Visabot, TagDox, Separate.us, Ping, and JuriLytics – were selected from a list of 40+ promising startups for the interesting nature of their businesses and their innovative use of technology.
Based in the Menlo Park, CA offices of Lex Machina™, the program will leverage the vast content resources, deep expertise in legal, technology, and startup domains, and industry-leading market positions of LexisNexis and Lex Machina to guide and mentor program participants. The program will be led by Lex Machina CEO Josh Becker with support from LexisNexis’ Chief Technology Officer, Jeff Reihl, Chief Product Officer, Jamie Buckley, Vice President of US Product Management, Jeff Pfeifer, and Lex Machina Chief Evangelist, Owen Byrd.
“We’re very excited to kick off our tech accelerator with five incredible and promising startups – Visabot, TagDox, Separate.us, Ping, and Jurilytics – and look forward to providing them with the practical guidance and industry expertise they need to advance their businesses,” said Jeff Pfeifer. “The goal of our tech accelerator program is to identify some of the best and brightest legal tech startups, contribute to their early success, and then watch as their innovative technologies and vision transform the business and practice of law.”
The five charter members of the LexisNexis legal tech accelerator program are:

  • Visabot: An “immigration robot” powered by artificial intelligence that helps customers complete U.S. visa applications, including locating relevant open data about an applicant, guiding applicants in the process of gathering supporting documents, ensuring forms are filled out accurately, and drafting appropriate language to tell the applicant’s story.
  • TagDox: A legal document analysis tool that creates tags, allowing users to identify and structure information in a variety of document types, improving both the speed and the quality of the document review process; “tag results” can transform documents into easily readable summaries, checklists, database feeds or approval overviews.
  • us: A web-based application that automates legal document preparation for divorces and provides access to relevant professionals at affordable fixed rates, deploying a business model that targets both B2B and B2C customers.
  • Ping: An automated timekeeping application that collects all of a lawyer’s billable hours, capturing missed time and money (an estimated 20% across the industry), and operating entirely in the background in concert with standard legal billing software.
  • JuriLytics: An expert witness peer review service that attorneys can use to challenge their opponent’s experts with previously unobtainable credibility and bullet-proof their own expert’s work through vetting from the world’s top researchers (in any field of expertise).
  • Throughout the rigorous, 12-week curriculum, tech accelerator participants will gain knowledge and expertise in a variety of topics including technology and product development; running an agile product development organization; building a strong company culture; selling to legal departments and law firms; leveraging legal data; and best practices in customer success, marketing and fundraising. In addition, they will have access to a vast collection of enriched legal data and cutting-edge tools and technologies from LexisNexis, and will be able to leverage the company’s established relationships with Stanford University and other leading Bay Area schools, businesses, VCs and influencers to grow their companies.
    “The LexisNexis legal tech accelerator is a promising initiative,” said Miriam Rivera, Managing Partner at Ulu Ventures and an advisor at the Venture Capital Director’s College, a part of The Rock Center for Corporate Governance at Stanford University. “As a legal tech investor and former Deputy GC of Google responsible for expanding the use of legal technology throughout the department, I am convinced the LexisNexis tech accelerator will not only foster innovation but also encourage new companies to thrive with sound business practices.”
    For more information, or to apply to the tech accelerator program, please email Alex Oh ([email protected]).
    About LexisNexis® Legal & Professional
    LexisNexis Legal & Professional is a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organizations to make informed decisions and achieve better business outcomes. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. Today, LexisNexis Legal & Professional harnesses leading edge technology and world class content to help professionals work in faster, easier and more effective ways. Through close collaboration with its customers, the company ensures organizations can leverage its solutions to reduce risk, improve productivity, increase profitability and grow their business. LexisNexis Legal & Professional, which serves customers in more than 175 countries with 10,000 employees worldwide, is part of RELX Group plc, a world leading global provider of information and analytics solutions for professional and business customers across industries.
    About Lex Machina
    Lex Machina’s award-winning Legal Analytics® platform is a new category of legal technology that fundamentally changes how companies and law firms compete in the business and practice of law. Delivered as Software-as a-Service, Lex Machina provides strategic insights on judges, lawyers, parties, and more, mined from millions of pages of legal information. This allows law firms and companies to predict the behaviors and outcomes that different legal strategies will produce, enabling them to win cases and close business.
    Lex Machina was named “Best Legal Analytics” by readers of The Recorder in 2014, 2015 and 2016, and received the “Best New Product of the Year” award in 2015 from the American Association of Law Libraries.
    Based in Silicon Valley, Lex Machina is part of LexisNexis, a leading information provider and a pioneer in delivering trusted legal content and insights through innovative research and productivity solutions, supporting the needs of legal professionals at every step of their workflow. By harnessing the power of Big Data, LexisNexis provides legal professionals with essential information and insights derived from an unmatched collection of legal and news content—fueling productivity, confidence, and better outcomes. For more information, please visit www.lexmachina.com.
    Contact Information:
    www.lexmachina.com

    HSBC partners with Artificial Intelligence startup to combat money laundering

    HSBC Holdings Plc has partnered with Silicon Valley-based artificial intelligence startup Ayasdi Inc to automate some of its compliance processes in a bid to become more efficient.
    The banking group is implementing the company’s AI technology to automate anti money-laundering investigations that have traditionally been conducted by thousands of humans, the bank’s Chief Operating Officer Andy Maguire said in an interview last week.
    The vast majority of anti money-laundering investigations at banks do not find suspicious activity, resulting in a waste of resources, according to the startup.
    In a pilot of Ayasdi’s technology, HSBC saw the number of investigations drop by 20 percent without reducing the number of cases referred for more scrutiny, according to the startup.
    “It’s a win-win,” Maguire said. “We reduce risks and it costs less money.”
    Banks have been ramping up their use of AI and automation over the past year to save money and time on cumbersome and manual processes ranging from compliance checks to customer service
    At the same time they have been working more closely with young financial technology companies and reducing the amount of technology that gets built in-house.
    One of the financial technology areas that has seen significant collaboration has been so-called “regtech”, or technology that can help financial institutions stay compliant with regulations and avoid hefty fines in areas such as money laundering or market manipulation.
    In 2012 HSBC agreed to pay a $1.92 billion in fines to U.S. authorities for allowing itself to be used to launder drug money out of Mexico and other compliance lapses.
    To cope with increased regulatory scrutiny and a swathe of new rules, banks went on a compliance hiring spree in the years following the financial crisis.
    Anti-money laundering checks “is a thing that the whole industry has thrown a lot of bodies at it because that was the way it was being done,” Maguire said.
    Banks have recently started cutting back on compliance hiring as they start deploying new technology that can help automate some of the tasks.
    Maguire said AI technology can help with compliance because it has the ability “to do things human beings are not typically good at like high frequency high volume data problems” or augment human capabilities.
    Ayasdi’s Executive Chairman and co-founder Gurjeet Singh was in January appointed to HSBC’s new technology advisory board, which provides advice and guidance to the bank on digital strategy.
    Full article: http://www.reuters.com/article/us-hsbc-ai-idUSKBN18S4M5?utm_source=applenews
    (Reporting by Anna Irrera; Editing by Lisa Shumaker)
    Contact Information:
    http://www.reuters.com/article/us-hsbc-ai-idUSKBN18S4M5?utm_source=applenews