Relativity assists lawyers analyze massive datasets and is acquired by Text IQ, an AI company that helps businesses recognize sensitive information, according to reports for more than $100 million.
Relativity is an application that allows legal teams to combine massive amounts of unstructured data the company announced yesterday that it had bought TextIQ in an effort to integrate AI technologies into its platform. The terms of the deal were not revealed.
Relativity Text iq 100m dallke business journal
They have an existing partnership and this acquisition will allow Relativity to extend its reach into the areas of data privacy and compliance, Relativity CEO Mike Gamson said to VentureBeat.
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How does it work
Text IQ utilizes non-supervised machine-learning (ML) and graphic modeling, social networks analysis (SNA), and the use of natural language processing (NLP) as well as deep-learning algorithms to find the relevant data for an upcoming legal matter. This is a case for data that is considered to be confidential or could contain personally identifiable data (PII) that could apply to a particular case, for instance, or relating to the Global Data Protection Regulation (GDPR) that was enacted in the European Union.
Text IQ can also identify social networks in unstructured data with a Socio-Linguistic Hypergraph. It creates connections between people as well as how they communicate and how they communicate with different groups of individuals. The company claims to find every single person within a data set which isn’t something humans can do by themselves.
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Relativity’s platform is able to aggregate all information in a manner that makes it easy to apply Text IQ’s AI technology to it. Together these platforms can lower the costs of a legal process as well as allegedly speed up the speed that cases are completed, Gamson added. Actually, Text IQ claims its platform can cut down the cost and time involved in performing privilege reviews by as much as 75% and also reduces the chance that confidential information may be shared accidentally.
It is the Text IQ platform that employs an unsupervised model which lets AI algorithms learn with all of the raw data available instead of using a specific subset of data that is selected by humans. A method of training that is supervised is more likely for subconscious biases to be introduced to any AI algorithm, Gamson explained.
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Legal landscape
Relativity claims that its platform is in use by a variety of law firms as judges continue to push lawyers to take advantage of AI technologies to speed up the speed of litigation. “We like to say we cut the time it takes to get to the truth,” Gamson declared.
Text IQ’s Text IQ platform is expected to continue to be offered as a stand-alone product, but in the future, the AI capabilities that were developed through Text IQ are expected to integrate into Relativity. Relativity Platform, Gamson added. The company claims that its system has over 300,000 customers.
It’s not yet clear what impact AI has on the profession of legal. Many of the research-related tasks once carried out by junior partners and interns are becoming automated. But, automating repetitive tasks will make it easier for lawyers to pursue more lawsuits. The number of cases that lawyers handle can simply grow which could lead to more lawsuits.
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In some way or other in some way, the AI genie has been taken gone. Law firms that aren’t in a position to use AI to alter their ways of working will eventually be restricted in the number of cases they are able to handle or completely end. Not every law firm is able to take on the initial expenses AI initiatives are liable to incur.
However, technology is constantly evolving. AI models that employ speech interfaces could eventually assist in arguing an argument in the courtroom. However, the primary goal is to reduce the pile of cases that typically take many years to resolve due to the fact that the process of discovery is inefficient.
