Highlights:

  • Data extraction from documents may be automated with HerculesAI’s first product, Artemis.
  • Approximately one-third of the top 100 law firms in the United States are clients of HerculesAI.

HerculesAI raised USD 26 million in the funding to assist its growth efforts. The startup develops AI software for large businesses and law firms.

Streamlined Ventures spearheaded the financing, with other angel investors, Thomson Reuters Ventures, Proof VC, and Alumni Ventures also participating.

Officially known as Zero Cognitive Systems Inc., HerculesAI offers five AI apps, each tailored to a specific set of duties. Three of them emphasize reducing the labor-intensive manual organizing and analyzing of corporate documents. Additionally, the business offers two tools made to help law firms charge clients more effectively.

HerculesAI’s first product, Artemis, may automate data extraction from documents. An enterprise software company might utilize the technology to gather deal details from sales agreements and import them into its customer relationship management platform. According to HerculesAI, Artemis can extract data from somewhat complicated data structures like embedded tables in addition to text.

The tool processes documents using multiple AI models. According to HerculesAI, this setup guarantees that the best neural network is used for each challenge. An integrated analytics component makes it feasible to monitor whether the AI models driving the program are performing as planned.

The business offers Rosetta Stone, a program for converting big datasets into several formats, in addition to Artemis. For instance, the program might condense a library of product documentation into a spreadsheet with distinct rows for each product’s essential characteristics. To organize records into a new format, users only need to upload the desired records and choose the format they want to use.

Athena is a more specific data management tool that HerculesAI provides. Legal teams need to use specialist programs called document management systems to store emails and other documents that contain sensitive information. HerculesAI claims that Athena can route every new file automatically to the appropriate application.

To arrange records, the software makes use of several large language models that assess each record’s file type, subject matter, and associated information to identify which document belongs where.

Apollo and Verify fill out the product offering of HerculesAI. The former is intended to improve the efficiency with which legal teams track billable hours. Meanwhile, Verify leverages AI to assist legal firms in ensuring they follow the conditions of their client agreements.

Approximately one-third of the top 100 law firms in the United States are clients of the business. S and P Global Inc., State Farm, and a number of other Fortune 500 firms are also part of its clientele.

According to HerculesAI, in the year preceding its recently disclosed USD 26 million fundraising round, company saw fourfold growth. Reports mentioned that the company intends to automate manual operations to boost operational efficiency rather than using the capital to expand its 75-strong workforce.