Legal documents (such as contracts and agreements) are vital for virtually every business activity. Despite their importance, the review and compliance process is fraught with challenges.

Hundreds of documents, complex specialized language, and a pressing requirement to ensure everything is kept up to date are but a few of them. It’s hard to think of an application better suited to AI than contract and compliance management.

Imagine two companies conducting a merger and the thousands of documents involved.  Keeping up with the compliance requirements of government contracts.  Or verifying clauses to protect your company’s intellectual property.

Each of these cases (and countless others) are where Melior AI is specially designed to support legal teams and the businesses they assist.

Melior’s AI-powered LegalTech platform analyzes lengthy documents and extracts key legal insights with speed and accuracy, dramatically cutting down manual labor time. These insights can then be manipulated in a nearly endless variety of ways to serve the end user’s needs.

The cost savings potential is significant.  The average contract currently costs between $7,000 to $50,000, depending on size and complexity. Large companies manage an average of 350 contracts every week. They’re searching for better review processes.

And it’s not cheap.

This service has the potential to greatly impact the $952 billion global legal services market, which is expected to grow to $1.4 trillion by 2030. Melior offers many advantages to the growing LegalTech industry:

• Rapidly analyzes large volumes of legal documents, accelerating the review process while saving valuable time and resources

• AI algorithms are trained to identify specific clauses, terms, and potential risks with a high degree of accuracy

• Maintains a consistent level of performance, ensuring that all documents are reviewed with the same level of scrutiny and attention to detail

• Reduces the need for extensive manual labor, resulting in significant cost savings

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The growing LegalTech market

LegalTech is a fast-growing market, expected to reach $48 billion by 2030. This makes sense, as many companies turn to AI to help mitigate legal risks, reduce costs, and increase efficiency and accuracy.

A survey of 1,000 contracting professionals found that 92% of organizations are changing their contracting process. 61% of CEOs are looking to make significant investments into data and technology over the next year.

Melior is ready. Our AI-powered contract tools integrate with numerous pre-existing systems to quickly and efficiently streamline workflows, identify potential legal risks, and improve data sharing and quality across companies of any size.

Melior harnesses the power of AI to reduce risks and increase efficiency in the legal contracting process

Melior leverages advanced AI to streamline and automate the management of legal documents. Our innovative platform offers a comprehensive suite of solutions that helps companies navigate the complexities of legal agreements and compliance requirements. Businesses can streamline their legal operations, reduce manual document review expenses, and mitigate risks arising from non-compliance or overlooked clauses. 

For example, Melior’s Due Diligence AI lets customers scan, evaluate, and verify thousands of contracts at once. These contracts can be matched against personal due diligence checklists for a personalized analysis. Comprehensive reports highlight compliance, risks, and anomalies in every contract.

A few key advantages of Melior:

• Our IDP technology lets companies extract meaningful data from complex layouts. This includes most any format (including scanned images), letting businesses unlock valuable insights buried within these documents.

• Our AI models are pre-trained and composable, allowing for rapid deployment and seamless integration into existing workflows. There are no lengthy implementation cycles. You can hit the ground running with our platform.

• We support natural language queries, which lets users ask complex questions and receive precise answers. This eliminates the need for manual document review—but we see it as a collaboration with humans, as your eyes are also needed. We just save your brains time.
• Our no-code interface quickly connects your contract intelligence platform to major business systems. Your workflows are seamless with us.
• We automatically extract over 50 critical data points from legal documents, including governing law, renewal terms, parties involved, and price restrictions. This data is easily queryable, which helps you analyze and make decisions quickly.
• Our entire system scales seamlessly with your business. No matter how large your contract portfolios expand, we’re here for you. We even build custom AI models for enterprise clients with unique requirements.
• Melior’s four-tier subscription model lets businesses choose the right fit for their workload.
• On the horizon, Melior is preparing to launch Negotiation Co-Pilot, which will save time and money on lengthy contract negotiations, and Smarter SaaS Contract Insights, which will help businesses streamline contract discovery and management directly through bank statements and accounting systems.

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How it Works

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Workflows

Melior creates automated workflows to help aid simple processes like extending contracts to more complex actions, such as running due-diligence checklists to ensure operations run smoothly.

Imagine a contract is expiring soon. One more prior to expiration, Melior can trigger an email to the counterparty to extend that contract. This could entail a variety of cases: sales promotions, lease extensions, marketing agreements, contractor extensions. Melior’s flexibility makes this feature applicable to an endless array of use cases. 

Not all contracts are so simple. Companies that engage in joint venture agreements need contracts that cover profit and revenue sharing, IP rights, dispute resolution mechanisms, decision-making processes, and exit clauses. Melior’s automated workflow ensures the legal team stays on top of all of these moving parts.

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Demonstration

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Competitive landscape

Melior’s user-friendly platform simplifies contract management processes—a stark contrast to the clunky, old-school contract lifecycle management (CLM) systems most businesses are accustomed to. By focusing on usability and efficiency, Melior aims to simplify workflows, making it easier for users to manage tasks without the complexity often associated with conventional CLM tools.

Customization is one big hole in AI-powered LegalTech. Melior lets users extract bespoke insights from dense legal contracts that are necessary for operations. They can then create models specifically tailored to their needs, saving them time and money in the process while unlocking potential new sources of revenue.

Competition in the LegalTech industry for AI-powered legal document review services is rapidly intensifying. A number of companies are launching AI solutions to capture a share of this lucrative market. Melior aims to be at the front of this pack.

A few examples: 

• Law firms such as DR & AJU have partnered with Naver Cloud and legal AI startups like Nexus AI to offer AI-based legal advisory services.

• Global legal publisher LexisNexis has released its Lexis+AI platform, which is currently focused on British and American laws, with plans to develop localized AI services

• Intellicon and Law & Good launched AI legal advisors last year, and are working on specialized chatbots for domains like financial regulations.

• LegalReview.ai offers AI-powered contract review, version comparison, and semantic search capabilities. Their focus is on providing efficient pre-review insights before sending documents to lawyers.

AI-powered companies are competing on factors like accuracy, specialization, ease of use, and integration with existing legal workflows. Given the reliability of our product, we believe our modern, flexible design, seamless workflows, and integrations with existing apps puts us ahead of the competition. 

This high end AI-powered technology has so far been reserved for elite law firms and corporations with deep pockets. We’re bringing it all to the SMBs and startups alike.

Teams love Melior AI

Users include Utilipay, Sebata Holdings, Midos Commercial Properties, Andbank Group, CGVentures

Melior is at the forefront of the LegalTech industry. Melior’s cutting-edge, user-friendly AI platform offers an evolution for how businesses manage and leverage their legal documents and contracts. Their customizable platform is a major step up in the contract lifecycle management (CLM) industry, and ultimately helps businesses streamline processes, letting them unlock the full potential of their legal assets, all the while increasing accuracy and cutting down on unnecessary costs.

Melior’s ability to extract and structure critical data points from legal documents. This is part of Melior’s ultimate vision: our customizable platform makes querying data simple, aiding businesses in the decision-making process, mitigating potential legal risks, and identifying previously unseen opportunities within their contract portfolios.

Part of Melior’s power comes from our platform’s ability to translate complex questions into precise, easily digestible answers. This is why we focus on making cross-team collaboration simple and intuitive, from the very beginning until the completion of a contract’s lifecycle. Melior aims to make AI accessible to businesses of all sizes, empowering them to leverage the benefits of LegalTech AI and gain a competitive edge in their respective industries.

To date, we’ve achieved the following milestones:

• Developed and implemented Intelligent Document Processing (IDP), which allows our AI to automatically read and understand documents, and extractive AI, giving Melior the ability to read and comprehend the context and meaning of legal documents

• Implemented semantic search, delivering more relevant results and properly contextualizing terms in documents

• Received the ISO 27001 certification, reflecting our commitment to handling data safely and securely

• Automated a diverse array of workflows to holistically address a company’s needs, from calendar reminders to report production

• Successfully integrated our large language model (LLM)

• Documented the 20 most common legal contract types

• Successfully identified the 40 most important clauses in legal contracts

• Secured $750,000 in seed funding from Semantic Capital

• Awarded the Innovate UK Smart Grant in 2023

On the near horizon:

• GenAI (RAG) based on Question Answering. This means that the LLM doesn’t only have to rely on what it was originally trained on, but can augment its knowledge by retrieving up-to-date, specific information from databases or documents to provide more accurate and informed answers

• Updating our LLM to with multilingual extraction for cross-language contextual knowledge

• Preparing for our SaaS go-to-market launch

• Implementing contract drafting, allowing users to use our AI to assist in every step of the creation, review, and management process

• Partaking in negotiation management, adding assistance in a further layer of the entire contract lifestyle

Seasoned AI founders leading the LegalTech innovation

Senior Executives
who are not Founders

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Notable Advisors

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Team Overview

Present Count: 9 full-time, 11 part-time members

• Expertise: Software Engineering, Data Science, and Data Labelling, covering Neural Networks, Automated Navigation, NLP, and Intelligent Document Processing
• Track Record: Delivered projects in e-commerce, banking, and insurance
• Support: Invested in a robust ecosystem for technology development
• Data: Partnership with LawInsider for access to curated contracts; competitive advantage in Legal AI

In-House Data Labelling Team:

• Composition: 6 lawyers, 5 contract managers
• Role: Annotate data, test products, ensure high accuracy
• Leadership: Led by Yulia Goryacheva
• Impact: Supports bespoke model services and enhances product accuracy

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Patents

• Template generation for a conversational agent

• Message Text Labeling