Product Overview of Kira Systems
Kira Systems is a cutting-edge, AI-driven platform designed to revolutionize the way legal professionals, corporations, and other organizations manage and analyze contracts and documents. Here’s a detailed look at what Kira Systems does and its key features:
What Kira Systems Does
Kira Systems is a machine learning software that specializes in identifying, extracting, and analyzing content within contracts and other documents. It is primarily used for streamlining legal processes, particularly in areas such as due diligence, contract review, and lease abstraction. The platform is utilized by top law firms, professional services, and corporations across various industries, including Retail, Insurance, PropTech, and Financial Services.
Key Features and Functionality
Automated Contract Analysis
Kira Systems employs patented machine learning technology to automatically find, extract, and review significant contract information with high efficiency and accuracy. This technology allows users to quickly get a comprehensive picture of contract terms, enabling rapid responses to changes in law, anti-bribery reviews, or force majeure events.
Document Upload and Management
Users can easily upload documents by dragging and dropping folders or importing them directly from data rooms. Kira’s pre-trained classification models provide a bird’s-eye view of the types of documents uploaded and identify which experts need to assist with the review.
Collaboration and Project Management
The platform offers robust project management features, facilitating collaboration among large teams working on document reviews. It allows for the assignment of documents to team members, tracking of progress, and immediate escalation of critical issues. The centralized platform ensures clear communication and visualization of the work remaining, helping teams complete review projects up to 30% faster than manual methods.
Customizable Models
Kira Systems includes over 1,000 out-of-the-box provision models (smart fields) that cover various domains such as M&A due diligence, Real Estate, Lease Accounting, and Data Privacy. Users can also create their own custom models to find specific clauses tailored to their unique needs. These models are built using supervised machine learning, ensuring high accuracy standards, with a minimum of 90% recall for each smart field.
Accuracy and Performance Management
Users have the ability to manage the accuracy and performance of custom fields by adjusting precision, recall, and bias. This ensures that the models reflect the users’ understanding of contract provisions and can be refined over time with additional training documents.
Integration and Security
Kira Systems is built on Amazon Web Services (AWS) and follows industry best practices for security. The platform offers both Standard Clouds (multi-tenant) and Private Clouds (single-tenant), ensuring that each customer’s data is securely contained within a distinct Virtual Private Cloud (VPC).
Educational Resources
To keep users updated with the latest AI trends, Kira Systems provides a range of educational resources, including whitepapers, case studies, webinars, guides, and a dedicated learning hub. This supports continuous learning and adaptation to new technologies within the legal industry.
In summary, Kira Systems is a powerful tool that leverages AI and machine learning to streamline contract analysis, enhance collaboration, and improve the efficiency of legal and corporate document management processes. Its robust features and customizable models make it an indispensable asset for organizations seeking to optimize their contract review and management workflows.