Aleph Alpha’s Post

If you have missed the SuperAI conference do not worry, you will still get the news here. Really excited to be part of this journey, helping to navigate complex legal and compliance landscapes with creance.ai (https://www.creance.ai/).

PwC Germany and Aleph Alpha Launch Founded Joint Venture creance.ai The auditing and consulting firm PwC Germany and Aleph Alpha, a leading generative AI developer in Europe, have announced the establishment of a joint venture. The aim is to jointly develop innovative solutions using generative artificial intelligence in the legal and compliance market. The joint venture will operate under the name creance.ai and its products will support companies in dealing with complex legal requirements. Read more here: https://lnkd.in/enpMA2_T #LegalTech #AI #JointVenture PwC Deutschland Aleph Alpha Björn Viebrock Jonas Andrulis

Breaking News!!! Robin AI Raises $26m - the pioneering legal tech + ALSP business for doc review, and which works closely with GenAI company Anthropic, gained investments from Temasek - Singapore’s giant investment fund, plus QuantumLight, Plural + AFG Partners. (See comments below.) Robin AI’s co-founder, Richard Robinson, told Artificial Lawyer’s founder, er...me, the following in response to two key questions asked late on Tuesday evening. - Personally, what does this mean for you? “It's a huge vote of confidence - and I'm really, really humbled by it. We're being given a chance to reshape one of the oldest and most important industries in modern society, using the most exciting new technology since the internet - that's a massive privilege and I don't take it for granted.” And, - How do you now see legal genAI changing the market, given all that we have seen so far and Robin AI’s own particular approach?  “I think you'll see a real shift away from CLM and tools like it, which never really lived up to their promise, and towards AI-driven tools that really save people time. I think every lawyer in the world will use an AI legal assistant within the next 5 years. And I think what model providers like Anthropic and OpenAI have in store for next year will take things even further - enabling even more powerful tools.” Powerful stuff! 💥 💥 💥 So, what does all of this mean? First, it’s clearly a major vote of confidence in the company, its approach and potential, as well as Richard, the team and co-founder James Clough, a machine learning expert. It’s also the second time Temasek has invested in a legal AI contract review company, the other was Eigen Technologies. For Robin AI it allows far greater expansion and product development, and more growth in the US, which is understandably a key market. Robin AI customers currently include, among others: Pepsico, PwC, Yum! Brands, AlbaCore Capital Group, and BlueEarth Capital. Private equity firms have been a notable client area in particular. Earlier this year, it became one of Anthropic’s launch partners for the release of their LLM, Claude - their only such formal partnership for legal work. Claude 2.1 allows much longer prompts than other LLMs (around 150,000 words in each prompt), a key benefit for analysing long + complex legal documents. What also perhaps sets Robin AI apart from some other companies in the legal tech space is that they have chosen to maintain an ALSP element to their offering, which allows hands-on quality control and customisation to meet client needs – rather than putting all the pressure on the corporate's legal team to handle things. In any case, it seems to be working and they have 5x their revenues in the last year, they said. All the best to Richard and team! A great way to start the year! #legaltech #legalAI #fundingnews #Perryfieldsforever #greatstarttotheyear

Really interesting piece in the Scottish Legal News. I think Ross McNairn is right. AI is not going to replace lawyers and we shouldn't be afraid to use AI. Instead, it can be used to do the menial or day to day tasks, freeing us up to do more blue sky thinking, strategy implementation and moving businesses forward. It's a bit like the introduction of excel for accountants. It didn't replace their jobs but it made many tasks much easier and quicker to do, freeing them up for more complex matters. We should see AI is a tool in our belt, rather than competition. Looking forward to seeing where Wordsmith AI and other AI platforms take the legal profession. #AI #legalprofession #workingsmarter

An impressive and varied range of #legaltech #startups took the stage at TLTF Summit and I once again took a stab at organizing them on a single infographic, this time clustered into 3 ICP buckets: outside counsel (basically law firms), in-house counsel (including compliance), or business users & consumers (end users who want legal issues solved). Some of them could fit in multiple buckets so I took a best guess. The one-line summary of each is in my own words, not theirs. Finalists are marked in blue. The other orange highlight is the very small proportion of startups that do NOT seem to make a big deal about AI. In other words, almost everyone now puts #ai front and center. More thoughts in the blog post link in the comments below. Congratulations to all who pitched: Justpoint, MIDAO, Corpora, HeyCounsel, SimpleClosure, JurisDeed, Easy trademarks, MINTangible, Abstract, ForceField IO, HData, LighthouseAI, NLPatent, Visual Contracts, Streamline AI, Relyance AI, GapApp.io, Macro, Oddr Inc, Dashboard Legal, Perjury.ai, Amicus, Uncover. Next year I will try to invent a wireless mouse clicker that works ;-)

From BrownRudnick: European Union: EU AI Act: Deep Dive Into Its Impact On Corporate Finance, VC, Exits Excerpt: "VC firms will prioritize AI startups with clear built-in compliance strategies and demonstrably ethical practices. High-risk solutions with little regard for societal implications are unlikely to be supported by regulated funds. Instead, VC firms will seek startups tackling critical challenges with responsible AI development, prioritizing explainable algorithms, transparent data usage, and human-centric design principles."

Interest in AI continues to soar, but businesses must navigate practical and legal challenges for successful implementation. Key focus areas include strategy alignment, risk allocation, regulatory compliance, data infrastructure, security measures, supply chain management, talent acquisition, and employee training. 💡 For more on how to address these challenges to leverage the advantages that AI offers, read our #techinsight by Jennifer Calver, Julian Cunningham-Day and Clare Murray.

Founders Beware: The Legal Risks of AI Washing Many companies, especially startups, are getting caught up in what's called 'AI-washing.' You know... when every business out there suddenly claims they're powered by AI, whether it's 'AI-infused,' 'AI-enhanced,' or any other fancy AI term they throw in. I'm sure you've seen it. Well, it turns out, the folks at the U.S. Securities and Exchange Commission (SEC) are not just rolling their eyes: they're actually taking action. They recently settled charges against two investment advisers for making false AI claims, slapping them with a whopping $400 million in penalties. However, what is more interesting is that the SEC's warning about 'AI-washing' isn't just for the big players. Even small VC-backed firms need to watch out, as law enforcement is now eyeing tech startups that might be stretching the truth about their AI capabilities to attract investors which could potentially run afoul of the law. This reminds me of all the previous "washing" trends, like "green washing" were many companies touted their sustainable creds. This is no longer only a reputational risk, the precedent for very real legal consequences is being set for companies, which means investors will be on the lookout for what actually constitutes AI applications in practice rather than in name only. #ai #tech

Innovation abound! HUGE win for Generative AI + Legal Tech! Congrats to Gabe Pereyra and the entire Harvey team... 🚀 Harvey's $80M Series B: A Milestone in #GenerativeAI 🧠 Exciting news in the #techworld! Harvey has just secured an impressive $80M in #SeriesB funding, co-led by industry giants Elad Gil and Kleiner Perkins, with significant contributions from #OpenAIStartupFund and Sequoia Capital. This investment, skyrocketing Harvey's total funding to over $100M, solidifies its valuation at a remarkable $715M. 🌟 A Vote of Confidence: We're incredibly thankful for the unwavering support from our existing investors - Elad, Pat, Charlie, Brad, and Ian. Their continued faith in our vision is invaluable. As we venture into this new chapter, we're thrilled to collaborate more closely with Ilya, Mamoon, Everett, and the entire Kleiner Perkins team. 🤝 Gratitude to Our Customers: Our growth and success are deeply intertwined with the trust our customers place in us. Leading #lawfirms, in-house teams, and professional service providers have embraced Harvey as their go-to platform for complex and sensitive work. This partnership has been pivotal in deploying generative AI to boost #productivity and optimize #workflows. 📈 A Year of Phenomenal Growth: Harvey has rapidly established itself as a trusted and secure generative AI platform for sophisticated professional services. Our platform engagement and revenue have soared, with a more than tenfold increase since April. We've built a top-tier, multidisciplinary team, demonstrating our commitment to excellence. 🤖 Advancing AI for #ProfessionalServices: In collaboration with #OpenAI, we've developed domain-specific foundation models to meet our clients' intricate needs. Our Series B funding will further fuel our ambitions to expand custom model building, scale our talented team, and enhance our suite of product features. 💡 The Road Ahead: This year has been transformative for Harvey. We're charged up to invest in our products and team, unlocking the full potential of generative AI for our customers. The future is bright, and we're just getting started! 🔍 Your Thoughts: What impact do you foresee generative AI having on professional services? How can startups like Harvey redefine industry standards? #HarveyAI #SeriesBFunding #GenerativeAI #TechInnovation #StartupGrowth #LegalTech

Ensuring your AI practices are transparent, fair, and accountable is crucial. Promise Legal is here to help tech startups implement AI responsibly, adhering to the latest guidelines from the FTC and other agencies. #AILaw #LegalTech