AddVenture, a major Russian venture fund, has led a round of funding of “more than $1 million” to support Pravoved.ru, a huge Russian legal consulting platform.
The transaction has valued the company at $10 million, reports Forbes.ru, citing exchanges with Pravoved.ru and AddVenture.
A part of the funding will be used to complete the development of Pravoved’s robot lawyer, which is powered by machine learning and artificial intelligence.
With its technology inspired by neural networks, the bot aims provide automated legal advice. It already outperforms humans in determining the field concerned by a client request, according to Pravoved.ru
When serving clients, the robot gets only 30% less positive feedback than human professionals.
Pravoved claims to have served “1,347,771 satisfied clients” to date in traditional ways – with 60,000 new cases treated every month. The company feeds the robot lawyer the data accumulated from these cases.
One of the first American robot lawyers, ‘DoNotPay,’ received much hype last month – but also sparked controversy. Thus, Californian writer and lawyer Ephrat Livni called to “object claims that a simplistic bot can do the complex job of a human who specializes in language and is trained in the art of argument.”
