Exclusive: Thomson Reuters Labs selects latest incubator partner
Thomson Reuters Labs has selected the latest entrant into its highly sought-after incubator program, and will be working together on a proof of concept, we can reveal.
As part of being accepted into the program, Singapore-based legal tech startup INTELLLEX will enter into a minimum three-month partnership with access to the following:
– Exclusive mentoring from Thomson Reuters and the opportunity to network with industry, business and technology experts
– Specialist workshops to review, refine and test business ideas
– Brand exposure and the ability to leverage the global reach of Thomson Reuters through marketing spotlight opportunities and events
– Thomson Reuters legal databases and online business development tools
Thomson Reuters Labs is a global team of data scientists, research scientists and software engineers based in the UK, USA, Canada and Switzerland. The team works with customers, startups and world-class universities to develop innovative solutions to the challenges businesses face today.
INTELLLEX provides a cloud-based knowledge library that enables legal professionals to access prior work product organized by legal concepts and document type. It uses natural language processing and neural networks to develop artificial intelligence algorithms which can automatically categorize prior work product along legal dimensions such as legal issues, legal questions, or document type. This automatic categorization eliminates the time-consuming process that knowledge management professionals perform when categorizing prior work product manually.
Founded by Chang Zi Qian, Intelllex participates in the Barclays Bank’s LawTech Incubator (Eagle Labs) which operates in conjunction with the Law Society and 14 other partner law firms.
Jim Leason, customer proposition lead in the legal professionals Europe business of Thomson Reuters, says: “Our Thomson Reuters Labs incubator is an important part of our efforts to deliver the technological solutions needed by law firms of the future.
“INTELLLEX brilliantly brings together the power of artificial intelligence technology with the more basic need of law firms to organise, search and retrieve their knowledge in an efficient way. We are excited to explore a proof of concept where we may be able to enrich INTELLLEX’s auto-categorization algorithms with ontologies and taxonomies that we have developed here in our Europe legal research and know how solutions.
“Through working with select startups, we are also better able to accelerate our own projects and identify new trends in technology—it’s a two-way street.”
“The drive to push for innovation within a particular industry must involve an entire ecosystem. The partnership with Thomson Reuters is a strong validation of the potential of our technology,” said Zi Qian, who is CEO. “We are honoured to be selected by the Thomson Reuters Labs Incubator. The team is looking forward to co-drive the proof of concept project with the Thomson Reuters team over the next few months.”
Another recent addition to the Thomson Reuters Incubator program is Digital Claim. This Vienna-based startup uses machine learning technology to support insurance companies in claim recovery, has just secured funding from a US Private Equity fund and has signed contracts with several German insurers.”
The previous entrant of the program, which was launched in 2017, was blockchain dispute resolution provider Kleros in May 2018.
The incubator program was launched by Labs to host early-stage entrepreneurs building next-generation products in big data, advanced analytics, distributed ledgers, artificial intelligence, machine learning and other transformational technologies.
At its launch it was described as the “next horizon” of Thomson Reuters significant investment in the Labs network. Labs collaborates with customers, universities and startups to rapidly prototype and validate solutions using data science and lean experimentation.