Legal AI startup Paxton AI announces $6 million seed funding – Reuters
Sept 19 – Legal artificial intelligence startup Paxton AI has raised $6 million in seed funding led by WVV Capital, with participation from Kyber Knight and 25Madison, the company said on Tuesday.
Additional investors include former Citigroup chairman Richard Parsons, and former Goldman Sachs international compliance head Robert Mass.
Paxton AI provides a product that functions like ChatGPT, but is aimed specifically at lawyers.
The release last year of ChatGPT, a chatbot from Microsoft (MSFT.O)-backed OpenAI, sparked a race in the tech industry to give consumers access to AI. ChatGPT uses generative AI to create brand new content that helps users in daily tasks such as editing or coding.
Generative AI has inspired a wave of enterprise startups, like Paxton AI, that provide specialized ChatGPT-like products for a variety of use cases, from finance to legal research.
Paxton AI says its service can be used to help perform work including legal research, drafting documents, and creating policies. Its product provides citations for every claim it generates, is updated in real-time with federal and state laws in the US, and can be deployed behind a company firewall with customized options for data isolation, the company said.
Reporting by Anna Tong in San Francisco, Editing by Rosalba O'Brien
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Anna Tong is a correspondent for Reuters based in San Francisco, where she reports on the technology industry. She joined Reuters in 2023 after working at the San Francisco Standard as a data editor. Tong previously worked at technology startups as a product manager and at Google where she worked in user insights and helped run a call center. Tong graduated from Harvard University. Contact:4152373211
Alphabet Inc's Google said on Tuesday that Bard, its generative artificial intelligence, will have the ability to fact-check its answers and analyze users' personal Google data as the tech giant scrambles to catch up to ChatGPT in popularity.
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