rfrnz, a Munich and Berlin, Germany-based AI driven legal startup, received a seven-figure funding round.
– High-Tech Gründerfonds (HTGF),
– UnternehmerTUM Initiative for Industrial Innovators and
– two other investors.
The funds will be used to finance and advance the growth and further development of the product and team.
Founded in 2017 by CEO Dr. Sven von Alemann, CTO Moritz Biersack and Chief Scientist Dr. Adriaan Schakel, rfrnz provides an artificial intelligence platform that automates contract analysis to allow lawyers to save costs and time and minimize errors.
The company’s system leverages Machine Learning and Natural Language Processing algorithms to automate and optimize the review of contracts. With the Contract Intelligence Platform, customers can identify and extract relevant information in contracts such as topics, clauses or individual data. In addition, anomalies can be detected to identify unusual or missing clauses.
The technology has already been implemented in DAX-30 corporations, medium-sized companies and law firms.