The dynamic London-based legal AI enterprise, Genie AI, has charted an impressive trajectory of growth subsequent to the acquisition of the esteemed Innovate UK grant. The grant, amounting to almost £200,000, has invigorated the company’s expansion efforts, resulting in the onboarding of a staggering 13,000 companies onto their platform. This resounding success stands as a testament to the catalytic influence of the grant in propelling the development of the world’s most sophisticated AI-powered legal assistant.
Genie AI’s strategic triumph came to fruition through their project titled “Explaining legal contracts to SMEs through conversational AI trained on open sourced contracts.” This remarkable endeavor emerged as a standout victor within the competitive realm of the “Innovation in Professional and Financial Services” competition, organised by Innovate UK.
The impact of the Innovate UK grant has been palpable in Genie AI’s ongoing ascent. With the initial installment of the grant, the company orchestrated the seamless onboarding of an impressive contingent of 13,000 companies onto their platform. These companies collectively engaged with over 10,000 legal documents, attesting to the platform’s resonance within the legal landscape. Moreover, Genie AI has achieved a remarkable milestone by attracting up to 200 user sign-ups on a daily basis. This escalating engagement underscores the growing confidence that users place in the platform’s capabilities. Significantly, the grant has not only fuelled this surge in growth but has also catalysed the development and imminent launch of an AI legal assistant heralded as the world’s most advanced. This innovation is poised to expedite the process of conceptualising and evaluating legal agreements for diverse businesses.
CEO Rafie Faruq articulated the company’s vision, stating, “The legal arena is undergoing swift transformation – businesses yearn for instantaneous access to services at affordable costs, steering away from the protracted email exchanges. Genie’s AI assistant delivers instant insights, enriched with the wisdom and expertise of seasoned legal practitioners.” This assertion resonates with the company’s overarching mission to democratize legal services, making them more accessible and intelligible. He further affirmed, “This latest grant reinforces our longstanding collaboration with Innovate UK, including a prior two-year project in collaboration with Oxford University and Imperial College’s machine learning and computational privacy departments. This echoes Genie’s enduring tradition of upholding academic and technical excellence.”
Genie AI has rapidly emerged as a luminary within the domain of legal technology, acclaimed for its innovative amalgamation of AI and the legal sector. The Innovate UK grant stands poised to consolidate the company’s stature as a trailblazer in the field, setting the stage for the market debut of their AI legal assistant. This landmark achievement constitutes a significant stride towards modernising the comprehension and accessibility of contracts for businesses.
Reflecting on the advent of advanced AI, Rafie Faruq, the CEO, mused, “These are exciting times as AI has reached a stage where it rivals, and often surpasses, human experts across diverse professions.” He emphasised, “Genie harnesses this AI prowess, complemented by meticulously crafted UX/UI design and their cutting-edge legal document editor, SuperDrafter. This synergy facilitates businesses in expeditiously navigating their legal agreements to completion.”
For those eager to stay abreast of the latest developments, Genie AI invites individuals to sign up via their community portal: https://app.genieai.co/community.
