Genie AI secures £200k in grant funding from Innovate UK to advance its legal assistant
The London based legal technology company has received backing to accelerate the development of its artificial intelligence contract tools.
Genie AI develops an advanced artificial intelligence legal assistant designed to streamline the creation and review of business agreements. The London based firm provides a platform featuring an open source legal template library.
London based legal technology company Genie AI has secured a grant of nearly £200k from Innovate UK to advance its artificial intelligence legal assistant. The funding will support the development and imminent launch of the tool, which aims to accelerate how businesses create and review legal agreements.
CEO Rafie Faruq noted that the company builds on a long standing collaboration with Innovate UK, which previously included a two year project conducted alongside Oxford University and Imperial College. The new capital follows recognition in the Innovation in Professional and Financial Services competition for a project focused on explaining contracts to small and medium enterprises using conversational artificial intelligence.
The company reports that 13,000 businesses have onboarded to its platform, utilising over 10,000 legal documents and generating up to 200 daily user sign ups.
From the founder
"The legal landscape is rapidly changing – businesses want instant access to services at affordable prices, rather than waiting for long email threads. Genie’s AI assistant gives instant answers, augmented with the knowledge and experience of seasoned lawyers."
Rafie Faruq
CEO at Genie AI
Use of funds
- 01Continue product development
- 02Fund research and development
