The landscape of legal AI has been invigorated by London-based company Genie AI, which has garnered remarkable growth following its acquisition of a substantial Innovate UK grant totaling nearly £200,000. This transformative grant has served as a catalyst in propelling the company’s trajectory, facilitating the onboarding of an impressive tally of 13,000 companies onto its platform. This surge in adoption coincides with Genie AI’s fervent development of the world’s most advanced AI legal assistant, a pioneering advancement that is set to redefine the domain.
Genie AI’s triumphant project, aptly named “Explaining legal contracts to SMEs through conversational AI trained on open sourced contracts,” emerged as a distinguished victor within the esteemed “Innovation in Professional and Financial Services” competition orchestrated by Innovate UK.
The fruits of the Innovate UK grant have been rapidly materialising, as evidenced by Genie AI’s ever-expanding growth trajectory. Leveraging the initial tranche of the grant, Genie AI has seamlessly onboarded a staggering 13,000 companies onto its platform, facilitating their interaction with more than 10,000 legal documents. A milestone of paramount significance has also been reached, with Genie AI proudly reporting a surge of up to 200 user sign-ups per day—a testament to the burgeoning trust that users are placing in the product’s capabilities.
Encompassing a resolute mission to enhance the accessibility and comprehensibility of legal services, Genie AI’s CEO, Rafie Faruq, underscored the company’s trajectory. He stated, “The legal landscape is undergoing a rapid metamorphosis. Businesses seek instantaneous access to services that are economically viable, eschewing the cumbersome thread of protracted email exchanges. Genie’s AI assistant empowers users with swift answers, further enriched by the acumen and experience of seasoned legal professionals.” He further elucidated the strategic significance of the grant, noting its alignment with the company’s longstanding synergy with Innovate UK. This collaboration includes a previous two-year endeavor undertaken in conjunction with Oxford University and Imperial College’s departments specialising in machine learning and computational privacy, highlighting Genie AI’s longstanding commitment to academic and technical excellence.
Genie AI has ascended as a formidable contender within the legal technology arena, distinguishing itself through its innovative fusion of AI with the legal domain. Buoyed by the Innovate UK grant, the company aspires to cement its role as a pioneer in the realm, propelling its AI legal assistant into the market. This forthcoming innovation holds the potential to revolutionise the comprehension and accessibility of legal agreements within businesses, aligning with Genie AI’s commitment to fostering a more streamlined and informed contract landscape.
CEO Rafie Faruq encapsulated the prevailing sentiment, stating, “We find ourselves in an exhilarating epoch where Legal Language Models (LLMs) have attained a level of prowess that renders them on par, and at times superior, to human experts across diverse professions. Genie’s distinctive proposition lies in the amalgamation of this AI capability with meticulous UX/UI design and the groundbreaking legal document editor, SuperDrafter. This potent combination expedites companies’ journey to attaining ‘completion’ faster in their legal agreements.”
For those seeking to remain abreast of Genie AI’s groundbreaking advancements, the invitation to join their community can be accessed via this link: https://app.genieai.co/community
