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28 November 2014

eBravia’s intelligence worth $1.5m

Columbia artificial intelligence spin-out eBravia attracts $1.5m.

Author: Gregg Bayes-Brown, editor

eBrevia, an artificial intelligence spin-out of Columbia University, has attracted $1.5m in seed funding.

The round was led by early-stage investor Connecticut Innovations, with support from private investors. The seed funding brings the total funding for the US-based company to $2.1m.

eBrevia was founded in 2011, and is commercialising artificial intelligence for contract review and analytics. The technology aims to increase accuracy and reduce costs of due diligence performed in contract review, which is currently conducted manually.

Ned Gannon, CEO of eBrevia, said: “Contract review is a time-intensive and costly process, yet it remains of utmost importance in due diligence for mergers and acquisitions as well as financial and commercial real estate transactions. Our artificial intelligence technology reviews, extracts and summarizes key legal provisions and other information in contracts. The machine learning software has been trained on thousands of publicly available contracts used in hundreds of past transactions. By adding our technology to the manual process of contract review, law firms, in-house legal departments, financial institutions and commercial real estate companies can expect to see faster and more accurate results.”

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