Paxton AI has secured $6 million in seed funding to grow its generative artificial intelligence (AI) platform for legal research and drafting.
Paxton AI said in a Tuesday (Sept. 19) blog post that since the launch of the eponymous AI platform in July, it has been adopted by in-house legal teams and large law firms.
With the new funding, Paxton AI aims to expand its reach and make its technology accessible to all legal professionals and businesses seeking to offload tedious work and concentrate on what truly matters, according to the post.
The platform has been specifically designed with lawyers in mind, offering three distinct advantages, the post said.
Firstly, Paxton ensures accuracy as it does not provide non-existent cases, according to the post.
Secondly, Paxton provides clear and accurate citations for every claim it generates, allowing legal professionals to verify the outputs, the post said.
Thirdly, Paxton goes beyond publicly available information. Users can upload their own research and documents to Paxton for analysis, per the post.
By leveraging natural language processing (NLP) and machine learning (ML), Paxton comprehends intricate legal concepts, conducts thorough research and produces intelligently analyzed first drafts, according to the blog post. This streamlines the research process and enables legal professionals to vet the results.
The versatility of Paxton is evident in the broad range of use cases reported by its customers, the post said. Professionals have deployed the generative AI platform for drafting memos, writing training materials, creating policies and procedures, researching regulations, auditing and comparing legal documents, and providing feedback on regulatory matters.
“Paxton is set to transform the way legal professionals work. Its potential to significantly cut down research time while enhancing accuracy is precisely why we’ve chosen to invest,” Jason Franklin, managing director at WVV Capital, said.
“At a time when both private and public sector organizations are moving rapidly to develop and use artificial intelligence, we are called again to lead to address both the promise and the peril of emerging technologies,” ABA President Mary L. Smith said when announcing the formation of the task force.