Product Overview of Kira Systems
Kira Systems is an award-winning machine learning software designed to identify, extract, and analyze content in contracts and documents with unparalleled accuracy and efficiency.
What Kira Systems Does
Kira Systems is tailored to enhance the contract review process, particularly in the legal, finance, and compliance sectors. It automates the task of finding, extracting, and reviewing significant contract information, allowing users to quickly gain insights into contract terms. This is particularly useful for activities such as due diligence in mergers and acquisitions (M&A), real estate transactions, loan agreements, and compliance reviews.
Key Features and Functionality
1. Machine Learning Technology
Kira Systems employs supervised machine learning, where the software is trained on provisions from real contracts to learn relevant language and build provision models. This approach ensures high accuracy, with a minimum of 90% recall for identifying specific provisions, clauses, or data points.
2. Automated Contract Analysis
The platform can automatically read contracts for user-specified provisions (e.g., change of control, assignment, term) and summarize the findings into charts and reports. This significantly speeds up the contract review process, allowing users to focus on higher-value tasks.
3. Customizable Models
Kira comes with over 1,000 out-of-the-box provision models covering various domains such as M&A, real estate, lease accounting, and data privacy. Users can also create their own custom models to meet specific client needs, adjusting precision, recall, and bias to optimize results.
4. Integration and Flexibility
The software is designed to integrate seamlessly into existing workflows and frameworks. It can be deployed either in the cloud or on-premises, depending on the organization’s needs. This flexibility allows for easy embedding into any existing systems, enabling users to review, export, and report data efficiently.
5. User-Friendly Interface
Kira offers an intuitive user interface and workflow features that improve the efficiency of any review project. Users can easily upload documents, benefit from automated processes, and manage the accuracy and performance of custom fields.
6. Comprehensive Use Cases
Kira supports a wide range of use cases, including due diligence, lease summaries, loan agreement reviews, regulatory compliance, audit reviews, and contract metadata population. It helps organizations respond quickly to regulatory changes and market trends, and it aids in the implementation of contract management systems (CMS).
7. Security and Infrastructure
Kira Systems uses Amazon Web Services (AWS) for its cloud infrastructure, ensuring high security standards through industry best practices. Each customer’s cloud instance is contained within a distinct Virtual Private Cloud (VPC), providing isolation and security for the data.
Benefits
- Efficiency: Kira significantly reduces the time and effort required for contract reviews, allowing professionals to focus on more value-added activities.
- Accuracy: The supervised machine learning technology minimizes the risks associated with human error, such as stress, lack of time, and lack of focus.
- Customization: The ability to create and manage custom models ensures that the software can be tailored to meet the unique needs of each client.
- Scalability: Kira is used by some of the world’s largest professional services firms, including those in the AmLaw 100, Chambers Band 1, and the Big Four, demonstrating its scalability and reliability.