Global News
Major upgrade to machine learning contract analysis technology
Kira Systems, the machine learning contract analysis software provider, today announced Kira Quick Study 2.0, a major upgrade to its proprietary technology that identifies clauses and other metadata from contracts and related documents.
The upgrade makes Kira even faster at learning to identify new clauses, names, dates and other values. Kira employs a wide array of advanced machine learning techniques in order to achieve high accuracy, often with only a few dozen examples. By contrast, other machine learning software typically requires many more examples to achieve comparable accuracy.
Kira Quick Study requires no technical expertise and no consulting engagements. New users can get started in minutes and teach Kira new concepts, often in under an hour, simply by highlighting sample language on screen.
Kira’s sophisticated technology is built and maintained by its in-house R&D team. “We continuously improve Kira’s technology, but never at the expense of the user experience. Maintaining an intuitive design is always of top importance,” said Alexander Hudek, CTO and co-founder of Kira Systems. “Behind the scenes, Kira algorithms look at thousands of factors. The upgraded algorithms use layout and location information as well as content to help Kira perform even better, particularly on data in forms and tables.”
With respect to the upgrade, Chief Data Scientist Rob Warren explained, “We are constantly researching new techniques and looking for ways to improve speed and accuracy.” Hudek and Warren both hold Ph.D degrees in Computer Science from the University of Waterloo, which is internationally recognized for its research programs in artificial intelligence and machine learning.
Kira Systems’ proprietary machine learning technology excels at automatically identifying and extracting relevant information from all types of contracts, and organizes it into metadata that can be exported and synced into other systems. Kira comes with built-in machine learning models covering general commercial terms, real estate leases and compliance terms, as well as provisions that are commonly reviewed in due diligence and post-merger integration.
The company has been shortlisted for Innovative Solution Provider of the Year by the International Legal Technology Association, with the winner to be announced today at their ILTACON 2016 annual educational conference.
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