Project description
AI helps make contracts more human-like
The inefficiencies and complexities that surround contract management can make it a challenging endeavour. Keeping track of numerous contracts, understanding legal jargon, and ensuring compliance with ever-changing regulations can overwhelm businesses, leading to potential risks and missed opportunities. Traditional manual approaches to contract management can be time-consuming, error-prone, and may hinder overall productivity. With this in mind, the EU-funded Bounsel AI project is developing a software platform that offers a comprehensive and intelligent contract management service (SaaS). Supported by a robust Big Data infrastructure, this AI-driven solution is designed to streamline contract management procedure. It will leverage advanced Natural Language Processing (NLP) techniques to tackle unstructured content in Spanish and Portuguese. Overall, it makes contracts more human-like, allowing even non-experts to grasp their content effortlessly.
Objective
Bounsel S.L. is a young innovative deep-tech company that focuses its activity on the use of Information Technology (IT) with the aim of offering, in the form of a service (SaaS), a software platform for the intelligent and comprehensive management of contracts powered by a Big Data infrastructure and driven by advanced Artificial Intelligence techniques (AI). For this purpose, the company's technological base is based on the application of Machine Learning and Deep Learning models, based on cutting-edge Natural Language Processing (NLP) techniques, applied to the legal field and unstructured content in Spanish and Portuguese. The company already has the platform on the market, and its activity for the coming years will focus, following the product roadmap, on its R&D strategy and the technical-functional improvements obtained from user feedback, on the development of new functionalities based on software and AI for the intelligent management of contracts making them more human-like so that a regular middle person can easily understand its content (Bounsel AI). The business model proposed by Bounsel is a transactional B2B SaaS that has different annual subscription pricing plans, and with an international projection focused on South America. Bounsel has currently a team of 8 people and is located in the Polytechnic City of Innovation of the UPV and maintains close collaboration with the Technological Institute of Informatics (ITI). The great relationship capacity of the founding team and its position in the legal tech market are exceptional. The wide recognition in the ecosystem is also remarkable. Among others, Bounsel counts on the support of the Women's Institute, the Youth Institute, IVACE, CDTI, Google for Startups, and the Polytechnic University of Valencia.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- natural sciences computer and information sciences software
- natural sciences computer and information sciences data science big data
- natural sciences computer and information sciences data science natural language processing
- social sciences economics and business business and management business models
- natural sciences computer and information sciences artificial intelligence machine learning deep learning
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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HORIZON.3.2 - European innovation ecosystems
MAIN PROGRAMME
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Topic(s)
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Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
HORIZON-CSA - HORIZON Coordination and Support Actions
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) HORIZON-EIE-2022-SCALEUP-02
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
12413 Almejidar
Spain
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.