As Legalweek New York 2018 kicks off and the announcements begin, NetDocuments has unveiled a new AI Marketplace, which it says is designed to streamline access to specific machine learning models from approved NetDocuments partners – and the first participant is Kira Systems.
NetDocuments’ AI Marketplace is open to software and technology providers to deliver embedded machine learning functionality for an improved understanding of matter, contract, and transactional content across NetDocuments’ global customer community. Kira Systems’ technology integration will enable content understanding through entity and clause extraction and analysis of documents in a NetDocuments workspace.
Kira’s clause review and analysis capability will be available in conjunction with NetDocuments’ existing entity extraction technology (which extracts people, places, companies, titles, financial amounts, dates, etc.) to deliver deeper content understanding. The result is a layer of document-level intelligence of matter data that enables a firm to make data-driven decisions around legal content. NetDocuments’ entity extraction, along with predictive filing, and now Kira Systems’ technology, constitutes key foundations and innovations around content understanding and intelligence.
“The workspace is the center of gravity for content relating to a matter,” Peter Buck, VP of product strategy at NetDocuments, stated. “The matter workspace should contain all matter content, also deliver actionable insight into document content through machine learning data classification and content analysis. The NetDocuments AI Marketplace paves the way for firms to truly understand their data to improve decision making. While NetDocuments platform will continue to provide platform-level machine learning for entity extraction and ndMail filing predictions, our customers want the flexibility and domain-specific expertise the AI Marketplace can deliver.”
Leveraging NetDocuments’ APIs and workspace portal technology, Kira can provide its document classification and clause identification technology to NetDocuments workspaces for a variety of applications including contract analytics, audit work, and due diligence. “We’re excited to be the first to announce our participation in NetDocuments AI Marketplace and to bring our AI technology to the document management system,” said Steve Obenski, Chief Product Officer at Kira Systems. “We share the vision of an open ecosystem where customers can choose the best solutions for their document management and analysis needs.”
“Second only to security is choice for our customers,” says Matt Duncan, NetDocuments CEO. “We see the rapid rate of change in the machine learning and AI software area and question if the market can absorb the array of solutions. The AI Marketplace is our way to provide choice in the rapidly changing area of machine learning, while we continue to advance the use of machine learning across our platform and products.”
The market has been waiting to see how NetDocuments will respond to iManage’s acquisition of RAVN Systems, which embeds its AI capability within the DMS. We will be gauging reactions to this news from NetDocuments in New York. In the mean time, there’s always the comments section below…