Paxton AI announced the receipt of initial funding in the amount of $6 million, which will be directed to the implementation of activities for the development of the generative artificial intelligence platform of this company for drafting projects and legal research.
Last Tuesday, September 19, the company published a blog post stating that since the launch of the machine intelligence platform in July, internal legal teams and large law firms have shown interest in it.
As part of the use of new funding, Paxton AI plans to expand the scope of its activities. The company intends to make its technology accessible to lawyers and businesses who seek to reduce the amount of personal involvement in solving formalized tasks that are not of critical importance in terms of the main content of their work by automating such processes and focusing on issues of primary importance.
Paxton AI reports that the artificial intelligence platform was originally developed to meet those professional needs that are most characteristic of representatives of the legal sphere. The company claims that its development provides a high level of accuracy, separately noting that the machine intelligence configuration used has never considered the fictional cases of the practice of interpreting the legislative framework and has knowledge that has already been effectively applied in the applied plane.
Paxton AI also reports that its platform provides clear and reliable solutions for every claim it generates. In this case, lawyers will be given the opportunity to check the results.
Separately, the company said that its development goes beyond the arrays of publicly available information. Users can upload their research and documents to the artificial intelligence platform for analysis.
A message published on the Paxton AI blog indicates that the AI configuration is able to remember the essence of complex legal concepts as a result of the use of machine learning and natural language processing technology. The platform can conduct research, delve into the content of the problem, and create projects based on a preliminary analysis of the situation and following the principles of careful thoughtfulness of the proposed solutions to the problem. As a result of the application of this proposal, the work of lawyers is simplified. Special attention should be paid to the fact that consumers do not act blindly, having the opportunity to check the results.
The artificial intelligence platform is universal in terms of the number of possible options for its use. A message published on the company’s blog mentions many AI application scenarios. There is already experience in using the artificial intelligence platform to compile training notes. Also, this development was applied for the purpose of writing educational materials.
Another scenario of using the artificial intelligence platform, proven in practice, is the development of corporate policy concepts and procedural solutions. The list of application options for the development does not end there. The AI configuration can be used to study regulations, audit, compare legal documents, and provide feedback on regulatory issues.
As we have reported earlier, IBM Launches New Version of WatsonX AI Platform.