IURIO
Financiado
Artificial Intelligence for optimal contract management and enhanced legal teams...
Artificial Intelligence for optimal contract management and enhanced legal teams collaboration
Legal services are key for EU economy (~1% GDP), and digital innovation is critical to overcome technical challenges and fully exploit business opportunities in the sector. The novel fixed-fee tendency forces legal companies to op...
Legal services are key for EU economy (~1% GDP), and digital innovation is critical to overcome technical challenges and fully exploit business opportunities in the sector. The novel fixed-fee tendency forces legal companies to optimize in efficiency, focusing their technical developments on automation, since 30-50% of their tasks may be automated. Within these, contract management is an ideal candidate for automation, since it shares a common structure, and represent a major source of revenues: 70% of enterprises' revenues are generated from contractual agreements. However, no IT tool today offers a high degree of automation, and 71% of legal professionals still manage contracts manually. Thus, the potential market is huge, and includes all Legal Service Providers (either law firms or in-house legal departments) commonly managing high volumes of legal documents. IURIO overcomes current drawbacks of contract management by integrating the latest techniques in Artificial Intelligence, cloud-computing and data-encryption into a simple SW tool to (1) enable smart drafting of contracts and to (2) optimize legal parties' collaboration during the contracting process; all seamlessly integrated as a Microsoft Word add-on. In this way, IURIO eliminates repetitive tasks, reducing contracts drafting time by up to 90% and improving post-execution contract compliance by up to 90% (reducing on average 22.5% the financial risk due to poor contract management). IURIO is already arising great interest: we are currently piloting in 2 Austrian law firms and count with the support of 14 international companies, key actors within the Central European legal-tech scene and some of the most innovative German-speaking law and technical universities. In this sense, we expect a major impact upon commercialization, reaching accumulated profits of €14.46M by 2026 and growing our team in over 100 people.
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Duración del proyecto: 4 meses
Fecha Inicio: 2019-12-03
Fecha Fin: 2020-04-30
Fecha Fin: 2020-04-30
Línea de financiación: concedida
El organismo H2020 notifico la concesión del proyecto el día 2020-04-30
Línea de financiación objetivo
El proyecto se financió a través de la siguiente ayuda:
EIC-SMEInst-2018-2020:
SME instrument
Cerrada
hace 6 años
Presupuesto
El presupuesto total del proyecto asciende a
71K€
Líder del proyecto
LEGAL TECH SERVICES GMBH
No se ha especificado una descripción o un objeto social para esta compañía.
Perfil tecnológico
TRL
4-5
Perfil tecnológico
TRL
4-5
392.84K€ |
Participante