The startup, founded in Munich and Berlin in 2017 rfrnz aims to revolutionize contract analysis with the help of artificial intelligence. The High-Tech Gründerfonds (HTGF), the UnternehmerTUM Initiative for Industrial Innovators, and two other investors are now supporting this project with a seven-figure investment.
rfrnz's AI-powered system is designed to digitize and optimize key work processes in law firms and corporate legal departments. The program uses an NLP (Natural Language Processing) algorithm that captures and processes natural language in texts.
Process optimization through digitalization
The program handles the analysis of contracts, which previously had to be performed manually by lawyers in time-consuming processes. This analysis includes, among other things, identifying relevant content. The analysis tool's learning algorithm automatically filters the texts according to topics, clauses, or individual data points and, if necessary, detects anomalies such as missing or unusual clauses. This is intended to make the processes and workflows in law firms or corporate legal departments as efficient as possible and largely automate them.
“We want to support law firms, legal departments and purchasing departments in digitizing and automating their work, thus becoming an accelerator internally,”
says CEO and Co-Founder of rfrnz, Dr. Sven von AlemannThis should not only relieve the burden on lawyers, but also lead to cost savings for clients.
AI-based contract analysis on the rise
rfrnz has already impressed investors with its idea of digitizing contract analysis. The young company was awarded the EXIST Founders' Grant. Various medium-sized companies, law firms, and even DAX 30 companies are now using the tool. And the new investors also recognize the potential of the legal AI startup. Kristin Müller, Investment Manager of the High-Tech Gründerfonds:
"With rfrnz, a significant part of the legal value chain is automated, resulting in process efficiency and cost savings for the client. We are convinced that the market for AI-based legal services will experience significant growth and look forward to working with the dedicated team at rfrnz GmbH."
