TermScout Competitive Landscape

Part
01
of eight
Part
01

TermScout CL (3)

EBervia was developed at Columbia University by Ned Gannon, Adam Nguyen, and Jake Mundt in 2012. The required information is provided in column F, rows 3-42 of the attached spreadsheet.

Selected Findings

  • In 2018, Donnely Financial Solutions acquired eBrevia. The company also partnered with PwC to deploy machine learning for contract analysis.
  • In 2019, eBrevia partnered with Legility to offer AI-Infused, Attorney-Backed Contract Analysis.
  • The company collaborated with BakerHostetler and QuisLex to better serve clients in 2020.
  • EBrevia has raised a total funding of $4.3 million.
  • Ned Gannon is the co-Founder and chief executive officer of the company.
Part
02
of eight
Part
02

TermScout CL (4)

Kira Systems is a provider of contract review and analysis software founded by Alexander Hudek and Noah Waisberg in 2010 as DiligenceEnginer. In 2017, the company launched its certification program, Kira Certified Service Provider Program. Information on the company has been provided in the attached spreadsheet.

Summary

  • In 2017, Kira Systems released its platform API, which allows firms to tailor Kira to their unique workflow needs. The company received its first funding round in 2018, and plans to continue releasing new products to enhance its Quick Study product.
  • The company has received $50 million in Series A funding.
  • Fredrikson, Cognia Law, Integreon, Deloitte, Freshfields, and Chemtrade are clients of the company.
  • Kira holds 2 patents on "System and method for extracting entities in electronic documents" and "System and method for identifying passages in electronic documents."
  • The company uses 63 technologies which include Pardot, Google Optimize 360, Google Analytics, Facebook pixel, Drift, Font Awesome, Viewport Meta, CDN JS, Hugo, DoubleClick Bid Manager, SPF, Microsoft Azure DNS, Greenhouse MX, GoDaddy SSL, Nginx, among others.
Part
03
of eight
Part
03

TermScout Overview

TermScout uses a team of lawyers and machine learning to provide contract reviews and industry reports that compare a company's contracts to others in their industry.

The details for TermScout have been entered into the attached spreadsheet.

TermScout

  • TermScout is a team of lawyers that provide contract transparency through machine learning along with human reviews of contracts.
  • They provide buyers with a summary of the vendor contract and tell how the contract compares to others in the industry.
  • They also provide industry reports that compare contracts of major competitors.
  • TermScout was founded in 2018 by Otto Hanson, and Peter Fatianow. They are based in Denver, CO. and are a Pre-Seed company that is private.
  • They have not been acquired, nor have they acquired any companies.
  • There have been no major changes in leadership.
  • They are a Techstars Portfolio company.
Part
04
of eight
Part
04

TermScout CL (5)

Information regarding Leverton has been provided in Column H, rows 3 to 40 of the attached spreadsheet. Below is a summary of the key findings.

Summary of Findings

  • Leverton is an award-winning, patented contract analytics and data extraction platform for legal and corporate documents. The company has been recognized for its innovative artificial intelligence technology by leading event companies, real estate firms, and associations.
  • The platform helps to free up administrative tasks that are manual and tedious, therefore, allowing one to focus on strategic, high-value tasks.
  • Leverton was established in 2012 by a group of scientists who were interested in using artificial intelligence for semantic analysis.
  • The company was founded on the principles of transforming unstructured content into structured data regardless of the source or format of information.
  • As it stands, Leverton is now a Software-as-a-Service (SaaS) company that offers its services to small, medium, and large enterprises. The company was acquired by MRI Software, LLC in 2019. It is headquartered in New York, New York.
Part
05
of eight
Part
05

TermScout CL (1)

ThoughtRiver was initially founded in Singapore in 2015 by Tim Pullan, who is still its CEO. The technology used by the company was developed by working with a team of senior NLP researchers, as well as machine learning professionals in Cambridge. ThoughtRiver was funded with the sum of £700,000 by SyndicateRoom in April 2017, and in 2018, the company received additional funding of about £400,000 from Innovate UK to implement a development project. Full details may be found in the attached spreadsheet.

Thought River

  • ThoughtRiver provides automated risk review and AI guided remediation of legal contracts. Their service uses automation to read the contract, answer key legal questions, and then provide remediation advice through Microsoft Word. They use a Lexible framework to answer questions on each contract and provide a bespoke assessment within minutes.
  • ThoughtRiver succeeded in setting up a UK company and launched its first products via "paid beta trials" among corporate clients such as Dentsu Aegis Network in 2016.
  • The company has pioneered numerous advanced technologies that automatically summarize and review the risk within contracts in minutes. In 2017, ThoughtRiver launched an artificial intelligence (AI) contract review solution called Review, that assess legal contracts 30% cheaper and 60 times faster than the typical paralegal.
  • In 2018, ThoughtRiver received funding of an estimated £400,000 from Innovate UK to implement a development project in AI, so that computers could rationalize complex problems in novel scenarios based on self-taught logic.
  • ThoughtRiver has expanded its customer base to the Asia Pacific in 2018, by opening two offices in Singapore and New Zealand.


Part
06
of eight
Part
06

TermScout CL (2)

LawGeex, established in 2014, currently offers a variety of services to its clients ranging from legal technology, contract review, contract analysis, big data, startup, machine learning, NDA, leases, term sheets, contract feedback, SaaS, and artificial intelligence. The required information has been provided in column E, rows 3-42 of the attached spreadsheet. Below is the summary of findings.

History

  • LawGeex was established in 2014 by Noory Bechor and Ilan Admon.
  • The privately held company has its headquarters based in New York, USA. They also have an office based in Tel Aviv, Israel.
  • It has partnered with legal firms while offering a variety of services that include those related to legal technology, contract review, contract analysis, big data, startup, machine learning (ML), and artificial intelligence (AI).
  • LawGeex intends to use US$20 million which it raised amidst coronavirus pandemic to grow its sales and customer success teams with intentions of growing its base into other English-speaking territories.

Products

  • The company offers a variety of services to its clients ranging from legal technology, contract review, contract analysis, big data, startup, ML, NDA, leases, term sheets, contract feedback, SaaS, and AI.
  • By using of error detecting module, businesses are able to spot missing clauses and replace non-compliant phrases with pre-approved language using the interface.
  • The company also provides firms with data regarding legal spending and the dangers of adding wrong data to contracts that they use while making strategic decisions.

Funding

  • LawGeex has raised US$41.5 million as its total funding in over 5 rounds. Its latest funding was raised on May 12, 2020, from a Series C round.

Claims

  • LawGeex claims that what separates the company from other tool providers is that they offer technology alongside other services unlike their competitors that only offer technology alone.
  • The company differentiates itself as it "redlines the contract just like a human lawyer", unlike other solutions that "only flag unacceptable or missing clauses".
  • According to the company's CEO during an interview with Legal Tech Tapas, LawGeex saves clients' time and resources. He also mentioned accuracy being one of the major differentiators to their competitors.

Leadership

Some of the company leaders and positions held:

Clients

  • The company has clients from a variety of industries including legal firms, finance firms, and e-commerce among others.
  • Some of the clients are globally known brands such as eBay, Johnson & Johnson, AbbVie, Office Depot, and Metlife.

Research Strategy:

To find the information regarding LawGeex, the team searched through the company's website, LinkedIn profile, official blog posts, review sites, and trusted media sites to carry out this research. This method proved fruitful because we were able to find information about the company's product, history, claims, funding, and the organizational team.

However, we were unable to find any details regarding data sets, pilots, and patents after carrying out in-depth research through the company's press releases. We tried searching through industry media publications, articles, industry magazines, and other trusted media sites but this search method proved abortive as no relevant information related to the data points was available. As a last resort to find information regarding any pilots, we sought for interview sessions by the company's key leaders as they would possibly mention if they have any pilots or would have any in the near future. However, we were unable to find this information using this approach.
Part
07
of eight
Part
07

TermScout Competitors

ThoughtRiver, LawGeex, eBrevia, Kira, Leverton, and Diligen are all competitors to TermScout. Each company provides analysis of contracts through machine learning.

The requested information has been entered into the attached spreadsheet.

ThoughtRiver

  • ThoughtRiver provides automated risk review and AI guided remediation of legal contracts. They can automatically flag risky contracts. Their service uses automation to read the contract, answer key legal questions, and then provide remediation advice through Microsoft Word. They use a Lexible framework to answer questions on each contract and provide a bespoke assessment within minutes.

LawGeex

  • LawGeex is an automated contract negotiator that uses ""playbooks"" to store contract review guidelines. Then, a contract is submitted, analyzed, and a redlined report is delivered in MS Word format. This report includes editing and approval suggestions.

eBrevia

  • eBrevia uses machine learning that was developed at Columbia University to analyze, summarize, and extract information from contracts in a variety of industries. They were a Startup America DEMO competition winner.

Kira

  • Kira is a machine learning software that identifies, extracts, and analyzes text in contracts and other documents. They work ion due diligence, lease abstractions, compliance, deal points, and financial contracts. The program with automatically highlight and extract points that are important. Reports can be exported.

Leverton

  • Leverton uses AI powered data extraction for contract analytics with the use of OCR and deep learning algorithms. This patented process assists in eliminated errors form manual data entry and data discrepancies. The user can create dashboards and custom reports. It can also be integrated into Excel, or third party systems via an API.

Diligen

  • Diligen uses AI and collaborative project management to manage legal due diligence for law firms, legal service providers, and corporations. Contracts are imported, then key provisions are identified. Contracts can be filtered, assigned to your teams, and summaries generated in Word or Excel. The interface can be customized for each users needs.

Part
08
of eight
Part
08

TermScout CL (6)

Diligen is a private company founded by Konrad Pola and Laura van Wyngaarden. Its product enables law firms, legal service providers, and corporations to perform more efficiently while reviewing contracts and legal documentation. Details about the company were included in the attached spreadsheet and a summary of our findings below.

Summary

  • Diligen becomes a contract assistant that manages and streamlines contract reviews and legal due diligence using artificial intelligence and collaborative tools for project management.
  • Within its services, it includes contracts provisions, assignment of contracts and summaries to teams, contract revisions, etc.
  • The company was founded in 2015 in Toronto, Canada, by Konrad Pola and Laura van Wyngaarden in Toronto, Canada, and has grown rapidly, presenting a revenue increase of 600% in 2018 and becoming available around the world.
  • In 2018, Diligen participated in the Legal Innovation Zone's AI Challenge of Canada and won the second prize of the competition, CA$25,000, which served as seed money for the company.
  • The product was designed to help law firms, legal service providers, and corporations become more efficient in contract reviewing and to reduce operational costs.
  • Diligen's payment method is monthly subscriptions based on volume: Essential at $350 per month, Professional at $500 per month, and Enterprise at $1,600 per month. Each package provides 100GB of storage, but this can be increased with an additional fee of $50 per month.
Sources
Sources