Recruit invests in Legalogic Ltd., providers of AI-enabled services automating a portion of legal and lawyer work
Mar. 08, 2017
Recruit Holdings Co.,Ltd.
We announce that Recruit Holdings Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President and CEO: Masumi Minegishi; referenced below as "Recruit"), through its investment subsidiary RSP Fund No. 6, LLC, has invested in Legalogic Ltd. (Headquarters: Tel Aviv, Israel; Noory Bechor), who automate a portion of legal and lawyer work.
1. Purpose and background
With recent advancements in big data and machine learning technology, expectations on artificial intelligence to support and substitute for human tasks are on the rise. By utilizing artificial intelligence to automate a portion of legal and lawyer work, Legalogic supports workplace corporate legal affairs, a field said to face a continued excess of work and shortage of human resources. Through this investment, Recruit will work to expand this service. Legalogic plans to commence full-scale sales activities in the US with procurement of this capital.
2. Overview of Legalogic Ltd.
Legalogic Ltd. is the managing enterprise of LawGeex, a service that automates both review and correction work for corporate legal contracts. With a basis in multiple machine learning methods, they have realized a level of quality suitable for commercial application with extraordinary speed by learning from more than 60,000 real contracts, improving on their service's algorithms. Furthermore, by reflecting the results of corrections from legal personnel, the service learns expressions and terms unique to that company, reviewing with even greater accuracy. At present, Legalogic offers support for more than 30 types of contracts including confidentiality contracts and employment contracts, with the service implemented at over 15 companies. At companies implementing the service, business-side effects such as a 1/10th compression of external order values and a 1/30th reduction of review time have emerged.
|(1)||Company name||Legalogic Ltd.|
|(3)||Headquarters||2 Khoma u-Migdal St., Tel-Aviv, Israel|
|(5)||Main business||Provision of LawGeex, an automated contract review service for corporate legal affairs|
3．Overview of RSP Fund No. 6, LLC.
|(1)||Company name||RSP Fund No. 6, LLC|
|(3)||Headquarters||8-4-17 Ginza, Chuo-ku, Tokyo|
|(4)||Established||November 12, 2014|
|(5)||Main business||Investment development and venture capital|
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