Also Releases New Capabilities to Search and Analyze Contracts for General Commercial Terms, Risk and Compliance, ISDAs
Kira Systems, the leading machine learning contract analysis software provider, announced today that it had been awarded a patent for a new machine learning method that can notably improve the accuracy of software that identifies and classifies concepts that appear in text. This new patented method, developed by Alexander Hudek, Co-founder and CTO of Kira Systems, is just one of many proprietary machine learning methods invented by Kira Systems in the development of its contract analysis software.
“The accuracy of our contract provision identification and classification is critical to our customers,” said Hudek. “We take great pride in our home-grown technology, and will continue to work on innovations that maintain our position as the contract analysis software of choice when accuracy matters.” Kira Systems has been adding to its in-house R&D staff to support its growth.
Kira Systems’ customers use Kira for due diligence, contract obligation management, contracting simplification, cost recovery, compliance, and other use cases where visibility into contract provisions is critical. Using Kira Quick Study, customers can teach the software to automatically identify and extract any contract provision they wish, effectively turning Kira into a highly accurate search engine for their contracts. Kira Systems’ customers have already trained thousands of custom provision searches with the tool.
Kira Systems also announced the immediate availability of new modules that can automatically identify general commercial provisions (such as automatic renewals and waiver), compliance (such as FCPA and export controls), and items from ISDA schedules (where key information from executed International Swaps and Derivatives Association Master Agreements lives). The new provision modules are in addition to existing Kira capabilities to accurately identify commonly needed provisions in due diligence and commercial leases, and bring the total number of Kira’s currently available built-in provision models to over 100.
“Quick Study is easy to use and customers have built new search capabilities faster than we ever imagined. However, it’s also important to give them a jump-start,” said Co-founder and CEO Noah Waisberg. “The new built-in provision models cover some of our most commonly requested areas, and allow customers to get actionable results from using Kira even faster than before.”
About Kira Systems
Kira Systems’ machine learning contract analysis software helps professionals complete their review and analysis faster and more accurately than conventional methods. Customers, who include some of the world’s largest corporations and professional services firms, have trusted Kira on over $100 billion of transactions to date. Kira automatically identifies and extracts relevant provisions from contracts in virtually any format. Summaries are created in seconds, and analysis that normally could take weeks can begin in only a few minutes. Pre-built provisions help with due diligence, lease abstraction, and contract management. And with Kira Quick Study, anyone can rapidly teach the software to identify virtually any provision. To find out more, please visit www.kirasystems.com.