⏱ 1 min read
Background
ZAAN is a contract analysis platform based in Geneva and Shenzhen. It was built with lawyers and former DeepMind staff.
The key points
ZAAN has raised 5 million dollars from Tencent Investment. The funds will be used to develop its artificial intelligence engines, broaden language and jurisdiction coverage and expand its teams, according to GGBa.
The platform flags the points in contracts that deserve a partner's attention and links each flag to its source. It runs on three engines: Review, Draft and Recall. It integrates with Word, iManage, NetDocuments and SharePoint.
Key figures
- 5 million dollars raised from Tencent Investment.
- More than 340 law firms and legal teams as users.
- More than 2.4 million contracts reviewed.
- 38 languages supported.
- -62% in median first-pass review time on active M&A accounts.
What it means for businesses
The investment should help ZAAN extend its coverage and grow its European operations. The platform runs with zero data retention and per-client encryption. Its Open Bar programme offers it free of charge to legal aid clinics and pro bono practitioners.
What's next
The engineering and legal data teams are set to grow in the company's European offices.
