Startup corner: Next gen document analysis startup TagDox steps out of beta
Next generation document analysis startup TagDox officially steps out of beta today (16 January) after a whirlwind three months that has seen Tony Angel, former Linklaters managing partner and senior partner and global chairman of DLA Piper join its advisory board.
Whereas currently documents for review are printed and annotated, then handed around, or shared with track changes in Word or PDF, TagDox uses sophisticated, proprietary algorithms, Natural Language Processing and Machine Learning to find and compare clauses or sections quickly, and enables comparison with other examples.
Machine learning algorithms find and “tag” information inside documents, automatically highlighting relevant information that can be shared with colleagues, clients, counterparties, reducing the challenges of document overload and work duplication. Once tagged, users can easily retrieve associated discussions and relevant segments from large batches of documents.
“Sophisticated document analysis by professionals across the world is on the verge of major disruption,” said Angel. “Document Analysis Platforms like TagDox, will reduce the risk of error, streamline processes, free up professional time for the important from the routine and so change current business practices.”
“We are proud to make TagDox widely available. We have seen tremendous interest and excitement about the product around the globe. Our users have found it an extremely effective way to review documents, to capture insights and share content with colleagues,” said Eli Luzac CEO of TagDox. “We built TagDox as a legal aid, but have been impressed with the innovative uses our testers found. We had VCs using it for term sheets and even university lecturers and students sharing documents. We’re looking forward to seeing TagDox used in new ways we hadn’t expected.”