Uhura Solutions Secures Funding from the UK Government
Uhura Solutions has been awarded funding by Innovate UK’s Sustainable Innovation Fund to develop its contract intelligence platform, which will help businesses to reduce their legal costs and risk exposure. The company is developing advanced AI-based technologies to automate, clarify, and drastically enhance business productivity in relation to legal matters.
“The pandemic has disrupted a countless number of legally binding relationships, and hence legal disputes need to be resolved between vast numbers of parties,” said Djuro Stojanovic, co-founder of Uhura Solutions. “Our aim is to enable commercial and legal professionals to process large quantities of agreements and risk stratify the relevant clauses in the respective documents.”
Innovate UK Executive Chair Dr Ian Campbell said, “In these difficult times we have seen the best of British business innovation. The pandemic is not just a health emergency but one that impacts society and the economy. Uhura Solutions along with every initiative Innovate UK has supported through this fund, is an important step forward in driving sustainable economic development. Each one is also helping to realise the ambitions of hard-working people.”
Innovate UK, as part of UK Research and Innovation, is investing up to £191 million to fund single and collaborative research and development projects as part of the Sustainable Innovation Fund over the next two years. The aim of these competitions is to help all sectors of the UK rebuild after the effects of COVID-19. The Sustainable Innovation Fund is funding 1,103 projects, 1189 UK businesses and totalling over £130 million in support across the UK.
Uhura Solutions is an AI solution provider specialising in contract intelligence. The company has developed an AI platform that reads and understands contracts and agreements just as humans do. The platform addresses the manual processing of documents, an important challenge that businesses regularly face. It offers automation capabilities and can shorten document processing time from hours to seconds. The platform uses cutting-edge AI, including image and natural language processing technology, to automatically extract data and classify the content, review contracts accurately, and conduct automated contract drafting. Its early investors include Barclays, Techstars, and South Central Ventures. For more information visit https://uhurasolutions.com/
Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. We connect businesses to the partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth. We fund business and research collaborations to accelerate innovation and drive business investment into R&D. Our support is available to businesses across all economic sectors, value chains and UK regions. Innovate UK is part of UK Research and Innovation. For more information visit http://www.innovateuk.ukri.org