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
- natural sciencescomputer and information sciencessoftware
- natural sciencescomputer and information sciencesdata sciencebig data
- natural sciencescomputer and information sciencesdata sciencenatural language processing
- social scienceseconomics and businessbusiness and managementbusiness models
- natural sciencescomputer and information sciencesartificial intelligencemachine learningdeep learning
Programme(s)
- HORIZON.3.2 - European innovation ecosystems Main Programme
Funding Scheme
HORIZON-CSA - HORIZON Coordination and Support ActionsCoordinator
12413 ALMEJIDAR
Spain
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.