“Seven members of the US Congress have sent letters to the Federal Trade Commission, Federal Bureau of Investigation, and Equal Employment Opportunity Commission asking whether the agencies have vetted the potential biases of artificial intelligence algorithms being used for commerce, surveillance, and hiring.” “We are concerned by the mounting evidence that these technologies can perpetuate gender, racial, age, and other biases,” a letter to the FTC says. “As a result, their use may violate civil rights laws and could be unfair and deceptive.” More here.
- Last Friday, Rep. Tom Emmer (R-MN) announced that he will introduce three new bills aimed at supporting the development of blockchain technologies, and the use of cryptocurrencies. “The United States should prioritize accelerating the development of blockchain technology, and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.” Details here.
- Edward Baer of Ropes & Gray posted: The SEC’s Proposed ETF Rule Creates Fintech Opportunities. “Custom Baskets Present Opportunities for Fintech Applications, Including Blockchain and Artificial Intelligence.”
- This is a rather provocative description of Atrium. “Many law firms are notoriously inefficient, charging clients by the hour to complete tasks that could easily be automated. In addition, most firms pay out any annual profits to shareholders, leaving nothing behind to invest in software or internal tools.” “For example, one of its apps automatically turns startup funding documents into Excel cap tables,” from a recent TechCrunch article.”
- Here’s an interesting post from Artificial Lawyer (DLA Using Only ‘About 1%’ of AI’s Huge Potential So Far), featuring thoughts from folks at DLA and White & Case at the recent Legal AI Forum in London. “One might say the hype wave of the last couple of years has propelled AI systems into law firms, the really exciting part is now only really beginning and that is firms implementing such tech at a major scale across the business.”
- Press release: Lexalytics Data Extraction Services Enables Hybrid Analysis of Both Structured and Unstructured Data from Corporate Documents. “Lexalytics has been a leader in extracting insights from unstructured data for more than 15 years,” said Jeff Catlin, CEO of Lexalytics. “Lexalytics Data Extraction Services represents the first time we’ve brought this capability to the document data extraction market, and we’re excited to help companies go beyond what the current technology allows.”
- UnitedLex, Big Deals in Hand, Sells Majority Stake to European Buyout Firm. “European private equity firm CVC Capital Partners said Thursday it had acquired a majority stake in Overland, Kansas-based UnitedLex Corp., an enterprise legal services provider that during the past 18 months has signed contracts worth $1.5 billion.” “UnitedLex CEO Daniel Reed said the transaction will give his company access to $500 million in debt and equity that he will use to invest in the company’s technology, target businesses for acquisition and to invest alongside the clients it serves.” “The announcement said UnitedLex’s leadership team had “fully reinvested in the transaction,” which Reed said was indicative of their belief that they can create ”the largest legal services company in the world.”” More here.