Robert Ambrogi Blog
Zuva, the company that spun off from AI contract review pioneer Kira when it was acquired by Litera in 2021, today released its own AI contract review tool, Zuva Analyze, which it says will enable in-house legal teams to review contracts 2-3 times faster than reviewing them manually.
Developed by the same team that originally created Kira, Zuva Analyze uses generative AI and machine learning to give reliably accurate and granular results over large numbers of documents, the company says.
One way Zuva is distinguishing Analyze from other contract review products on the market is on pricing. While other products typically must be purchased on a subscription basis, Zuva offers the choice of subscribing or paying on a project basis.
In testing by beta users, the company said, Zuva Analyze enabled them to review contracts 2-3 times faster than manual review.
“AI has really advanced since we sold Kira in 2021,” said Zuva founder and CEO Noah Waisberg. “We thought this change in technology presented an excellent opportunity to solve problems we couldn’t back in the day.
“We’re extremely excited to introduce Analyze to the market. We’ve heard very positive things about it from early users, and seen it dramatically ease contract review.”
You Can Try It Free
Partially due to Kira’s success, the contract analysis software market has become fairly developed. But Zuva says its product is distinguished by its speed, pricing options, and modern user interface.
You can try Zuva Analyze for free, right away, without having to go through a salesperson, at https://zuva.ai.
Since Zuva spun off, the business has focused on selling access to the company’s AI review technology through an application programming interface (API). Its customers for the API include other legal technology companies and corporations.
One customer, for example, is Microsoft, which uses it to automate a workflow wherein developers are seeking approval from legal of licensing terms for third-party software they want to try out.
But given the growing market for contract review software and the opportunities presented by generative AI, Waisberg told me in a recent interview, Zuva saw the opportunity to develop a product that would benefit from its prior experience in designing and building Kira.
Because of restrictions in the acquisition agreement between Litera and Kira, Zuva will sell this product only to corporate legal departments, and not to law firms. But Waisberg sees that as an opportunity, not a restriction.
“Being able to go faster for a corporate is pretty attractive, especially if it’s a corporate who’s thinking about doing some of their own deals so they don’t have to send stuff over to a law firm,” he said.
He also believes Zuva’s pricing model will be attractive to corporate legal. Many legal departments do not have budgets to subscribe to products on a continuing basis. But when they need that product for a specific project, they have the funds to purchase the product on a per-project basis.
“I think there are situations when they will feel like subscriptions, but there are other situations where they’d rather do one off, and so we’re happy to do either,” he said.