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Archivo del Autor: Belen De Leon

LawGeex raises $12M for its AI-powered contract review technology

Can Artificial Intelligence replace lawyers? Perhaps sometime in the distant future, but in the meantime AI is already augmenting the work done by legal professionals as startups race to reach that ultimate goal.

One burgeoning player in the AI-powered legal tech space is Tel Aviv-based LawGeex, which has developed automated contract review technology to help companies sift through things like NDAs, supply agreements, purchase orders, and SaaS licenses, to ensure they’re aren’t any unsanctioned legal gotchas buried deep in legalise. Today, the company is announcing that it has closed $12 million in new investment.

Led by VC fund Aleph, with participation from previous backers, including Lool Ventures, the new round of funding will be used by LawGeex to further develop its product, and build a bigger presence in the U.S. where it recently opened a New York office. It brings the startup’s total funding to date to $21.5 million.

Designed to answer the question ‘Can I sign this?’ the LawGeex contract review system aims to significantly speed up and cut costs inherent with the contract approval process. The idea is that once a new contract is sent to a business, it is uploaded to LawGeex where a “first-pass review” of the contract is undertaken using the startup’s AI. This checks the contract against a company’s predefined legal policies.

“If everything looks good, we can automatically approve the contract for signing right then and there,” explains LawGeex VP Marketing Shmuli Goldberg. “If we spot any issues that need to be corrected, we escalate the contract to the legal team, and highlight the exact sentence they need to fix, and what they need to do to fix it”.

The desired outcome is that legal professionals no longer need to spend time reviewing problem-free contracts, and only spend a few minutes, instead of hours, on problematic ones. “We free up the time of whoever does that first review of the contract, be it a paralegal who takes a first look before sending issues on to a lawyer, or a contract review team who triage incoming contracts,” Goldberg says.

Put more simply, the LawGeex product operates a little like a spelling or grammar checker (see screenshot above). But instead of looking for specific keywords or language, the AI has been trained to understand technical legal language or so-called legalese. “It actively reads the contracts and “understands” the legal concepts. This means we can find and flag provisions even if they’re written in a way we’ve never seen before,” says the LawGeex VP.

To make all of this possible, over the last four years the company’s “recursive neural network”-based AI has been trained by feeding it hundreds of thousands of legal contracts, and having experienced U.S. lawyers annotate those contracts along the way. “We’ve now reached the point we can say that in certain cases, for example reviewing standard NDAs, our AI is actually more accurate than a human, as a recent study led by several academics at leading universities showed,” claims Goldberg.


Source: TechCrunch

Salesforce spent another $2.7 million to adjust pay gaps related to race and gender

Ensuring equal pay is an ongoing task, Salesforce has found. In the past year, Salesforce spent $2.7 million to address pay discrepancies across gender worldwide and race in the U.S.

Where Salesforce is making progress is in the number of people affected by unequal pay. Last year, Salesforce made pay adjustments (salaries and bonuses) for 11 percent of its employees compared to just 6 percent this time around.

“Our latest assessment shows that equal pay is a moving target, especially for growing companies in competitive industries,” Salesforce Chief People Officer Cindy Robbins wrote in a blog post.

Since 2015, Salesforce has spent over $8 million to address the wage gaps pertaining to race and gender.

Over the next year, Salesforce plans to hire an addition 8,000 people. That means the task at hand will be to ensure pay equity from day one. It’s not clear how Salesforce plans to do this, but Robbins said the company is “looking at ways to create a system that will standardize the process for setting salaries.”


Source: TechCrunch

Congress isn't ready to regulate Facebook, but it wants to – CNET

Facebook’s CEO was told testifying before Congress was a make-or-break moment. While he escaped unscathed, Congress still wants to act.
Source: CNET

Hack a VR system, lead a player astray? Yes, say researchers – CNET

A research team from the University of New Haven demonstrates a proof-of-concept attack on virtual reality that could alter what you see.
Source: CNET

The Plan to Save California's Legendary Weed From 'Big Cannabis'

Inside the sprawling new facility that wants to help small cannabis farmers survive the invasion of Big Cannabis.
Source: Wired

Nest Cam Baby Monitor: How to Make It Secure

A few ways to help keep the footage of your kids away from mean old hackers.
Source: Wired

A16Z and Founders Fund sink $28M into IRL asset blockchain Harbor

Harbor helps businesses legally issue cryptocurrency tokens that represent ownership of real-world assets like real estate, fine art, company equity, and investment funds. This “tokenization” might sound boring, but it could be a big business that unlocks trading of illiquid property.

Harbor‘s intention to become a fundamental bridge between the offline and crypto economies has attracted a $28 million strategic round led by Founders Fund and joined by Andreessen Horowitz, Pantera Capital, and more. Following its $10 million Series A in February, Harbor has now raised over $40 million to dissolve the legal barriers to private securities tokenization.

“We think there’s going be a far greater appetite for owning real-world assets using the blockchain” than digital only cryptocurrencies, Harbor CEO Joshua Stein tells me. He expects it be like the impact “email had on snail mail”, but with value instead of content being sent back and forth. Once someone like Harbor handles the technical necessities to make transfers instant, free, and secure, people will exchange a lot more frequently.

The Harbor team

Here’s how Harbor works. Clients pay it in cash to make their tokenization of an IRL private security legal. Traditional trading of these assets can be complicated and expensive given there are often financial regulations or licensing requirements restricting who can buy and sell them. For example, foreigners or unaccredited investors without enough net worth aren’t allowed to own certain securities. The lawyers to handle these sales can be expensive, and the process can take weeks.

Normally, businesses have to be very careful about who they let buy these securities because they’re liable for a 20-year criminal sentence if they violate SEC law. With Harbor, a white list of eligible owners is established by an outside law firm that takes responsibility, and Harbor’s smart contracts refuse to process an illegal sale. Harbor effectively bakes securities law compliance like know-your-customer and anti-fraud/money-laundering into the tokens themselves so trades can happen instantaneously without legal assistance on every sale.

Harbor is hoping to launch this Regulated Token (R-Token) system with its first client this summer. The tokens are ERC-20 compatible so they can be sold on lots of cryptocurrency exchanges and stored in popular wallets. Stein stresses that investors will have to trust the underlying securities they’re buying. But they’ll get more trust in who owns something through blockchain transparency rather than some signed contract locked in a desk or vault somewhere. And they won’t have to trust who they’re selling to since the smart contracts only execute the trade if its legal.

The idea of making the way hugely valuable assets trade faster, easier, and cheaper led Harbor’s latest round to be oversubscribed. That’s even though it only came out of stealth two months ago from Craft Ventures, the fund and incubator run by PayPal mafioso David Sacks who sold Yammer to Microsoft.

Craft Ventures, Vy Capital and Valor Equity Partners joined this that included other new investors like Future Perfect Ventures, 1confirmation, Abstract Ventures, and Signia Venture Partners. Nicolas Berggruen of Berggruen Holdings, Napoleon Ta of Founders Fund, and Kyle Samani and Tushar Jain of Multicoin Capital also put in their personal money.  Sacks knew Ta, which set up Founders Fund to lead the round. Meanwhile, Stein says Harbor wanted to team up with Andreessen Horowitz partner and crypto thought leader Chris Dixon.

Harbor will have to compete with the other blockchain-for-securities startups like Polymath, which runs entirely decentralized and trustless infrastrucutre to the point that you have to hope strangers want their deposit back enough not to screw you on legal compliance, and tZERO, which is building its own full-stack compliance system. Harbor’s reliance on outside legal firms to build the smart contract white lists makes it more akin to a traditional financial player.

Harbor could make a lucrative business out of letting clients sell American securities to the Chinese market, which has shown a strong interest in crypto assets. Stein talks about “a crypto nirvana of a trustless environment” like a true Bitcoin bro. But his new A-list investors show Harbor is no pump-and-dump.


Source: TechCrunch

CA also used ‘sex compass’ and other quiz apps for sucking Facebook data, says former employee

Brittney Kaiser, a former employee for Cambridge Analytica — who left the company in January and is today giving evidence in front of a UK parliament committee that’s investigating online misinformation — has suggested that data on far more Facebook users may have found its way into the consultancy’s hands than the up to 87M people Facebook has so far suggested had personal data compromised as a result of a personality quiz app running on its platform which was developed by an academic working with CA.

Another former CA employee, Chris Wylie, previously told the committee the company worked with professor Aleksandr Kogan to gather Facebook users’ data — via his thisisyourdigitallife quiz app — because Kogan had agreed to work on gathering and processing the data first, instead of negotiating commercial terms up front.

CA’s intent was to use Facebookers’ data for political microtargeting, according to evidence provided by Wylie.

In her written evidence to the committee Kaiser claims:

I should emphasise that the Kogan/GSR datasets and questionnaires were not the only Facebook-connected questionnaires and datasets which Cambridge Analytica used. I am aware in a general sense of a wide range of surveys which were done by CA or its partners, usually with a Facebook login – for example, the “sex compass” quiz. I do not know the specifics of these surveys or how the data was acquired or processed. But I believe it is almost certain that the number of Facebook users whose data was compromised through routes similar to that used by Kogan is much greater than 87 million; and that both Cambridge Analytica and other unconnected companies and campaigns were involved in these activities.

Asked to expand on this point during today’s hearing, Kaiser said Cambridge Analytica’s internal creative, psychology and data science teams worked together to design questionnaires for deploying on Facebook’s platform.

“I am aware now of what the questionnaire was that professor Kogan used, although I didn’t know about it when I joined the company. But I would see questionnaires — for example there was one called the ‘Sex Compass’ to find out what your personal preferences were privately. And then there was another one on your ‘Music Personality’,” she told the committee.

“In my pitches I used to give examples even to clients that if you go on Facebook and you see these viral personality quizzes — not all of them would have been designed by Cambridge Analytica/SCL Group or our affiliates but that these applications were designed specifically to harvest data from individuals, using Facebook as the tool.”

“I know at least of those two examples,” she added. “Therefore it can be inferred or implied that there were many additional individuals as opposed to just the ones, through Aleksandr Kogan’s test, whose data may have been compromised.”

Committee chair Damian Collins asked Kaiser whether the viral app approach to harvesting Facebook data, which CA had developed for work in the U.S., would have been used by the company in other markets too.

“That was the idea — although in Europe it’s quite difficult because of the data protection laws,” responded Kaiser.

“Well if you observe them,” quipped Collins.

“Correct,” said Kaiser.

A little later another committee member returned to the topic, asking Kaiser to confirm whether these survey apps would definitely have been able to pass Facebook data on users if they provided their Facebook login details at the end of the survey process — noting that the committee had been told by former CA CEO, Alexander Nix, that Facebook users’ personal data may not have been accessed by CA via the surveys.

“What you’re saying is that that was not the case — that actually the purpose of the survey was to gather [Facebook] information and by completing it with your Facebook login as well then CA would also get access to your data on Facebook too?”

“I believe that was the point of the quizzes in the first place, yes,” responded Kaiser.

Since the data misuse scandal blew up last month, Facebook has said it is conducting a full audit of any apps which had access to “a large amount” of information before it changed app permissions on its platform in mid 2015 to prevent developers from being able to suck out data on Facebook users’ friends.

We’ve reached out to Facebook to ask whether it can provide an estimate on the total number of users’ data that could have also been compromised by additional quiz apps running on its platform — and will update this story with any response.

Earlier this month the company confirmed that as many as 87 million Facebook users could have had information passed to Cambridge Analytica as a result of just Kogan’s app — which was downloaded around 270,000 times.

CEO Mark Zuckerberg has said the full audit process of third party apps with access to lots of user data will take some time.

Also earlier this month the company revealed that another historical feature — intended to be used for search and account recovery — had been systematically exploited by “malicious actors” to scrape public information from Facebook users’ profiles.

It warned that “most” Facebook users will have had their public info scraped by unknown entities as a result of this security loophole. The company’s platform has more than 2BN active users now, meaning that between 1BN and 2BN people will have had some of their Facebook information taken without their consent.


Source: TechCrunch

OLED screen burn-in: What you need to know – CNET

You may have heard that those awesome-looking OLED screens are susceptible to permanent damage that can ruin your experience. Here are the facts.
Source: CNET

Which phone has the best speakers: Galaxy S9 or Razer Phone? video – CNET

Twin stereo speakers. Dolby Atmos. Which phone has the best audio?
Source: CNET

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