HerculesAI, which develops artificial intelligence software for law firms and large enterprises, raised $26 million in a round led by Streamlined Ventures.
HerculesAI, a developer of artificial intelligence software for law firms and large enterprises, raised $26 million in a round led by Streamlined Ventures. Proof VC, Thomson Reuters Ventures, Alumni Ventures and numerous angel investors participated in the round.
HerculesAI, officially Zero Cognitive Systems, sells five AI applications, each optimized for a different set of tasks. Three of them focus on reducing the amount of manual work required to organize and analyze business documents. The company also offers two tools designed to help law firms bill clients more efficiently.
HerculesAI’s first product, Artemis, can automate the task of extracting data from documents. HerculesAI says Artemis can extract not only text, but also information from relatively complex data structures such as embedded tables. The tool uses not one but several AI models to process documents. HerculesAI says this arrangement ensures that each task is performed by the most appropriate neural network. The company sells Artemis alongside Rosetta Stone, a tool for formatting large datasets.
HerculesAI also offers a more specialized data management tool called Athena. According to HerculesAI, Athena can automatically route each new file to the application where it should be kept. The software uses a set of large language models to organize records. These models evaluate each record’s file format, the topic it discusses and related details to determine which document should be stored where.
HerculesAI’s other product, Apollo, helps legal teams track billable hours more efficiently. Another product, Verify, uses artificial intelligence to help law firms ensure that they comply with the terms of their agreements with clients.
