BlackBoiler Recognized for Artificial Intelligence Innovation in 2021 AI Breakthrough Awards Program
Prestigious Annual Awards Program Honors Standout AI and Machine Learning Solutions and Companies
Arlington, VA – June 23, 2021 – BlackBoiler, the leading provider of automated contract review and markup technology, today announced that it has been selected as the “Best AI-based Solution for Legal” in the fourth annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global artificial intelligence (AI) market today
BlackBoiler’s patented technology addresses a global, $35 billion market in which companies spend $26 billion reviewing and negotiating semantically similar contracts, $7 billion of which is verbatim work. BlackBoiler reduces contract review time by up to 70% compared to in-person review. The company’s automated editing technology suggests company-specific revisions to corporate documents to automate the process of contract negotiation. The technology makes suggested edits right in Track Changes, just like an attorney would. BlackBoiler’s client roster includes AmLaw 25 law firms and several organizations within the Fortune 1000, including TE Connectivity, a $14 billion technology manufacturer. The company holds eight patents in the U.S. and is currently pursuing additional IP protection in the US, Canada and Europe.
“BlackBoiler’s AI is empowering companies to standardize their contract review across groups and business units – mitigating risk, reducing frustration and driving efficiency,” said James Johnson, managing director, AI Breakthrough. “With the ability to mark up contracts in minutes with AI, BlackBoiler is delivering breakthrough innovation in the legal space that promises to save organizations significant time and money. We extend our sincere congratulations to the entire BlackBoiler team for their well-deserved 2021 AI Breakthrough Award.”
The mission of the AI Breakthrough Awards is to honor excellence and recognize innovation, hard work and success in a range of AI and machine learning-related categories, including AI platforms, deep learning, smart robotics, business intelligence, natural language processing, industry-specific AI applications and more. This year’s program attracted more than 2,850 nominations from over 17 different countries throughout the world.
“Global enterprises allocate billions each year to manually review and negotiate high-volume contracts, with a large share going to pay lawyers to laboriously read through and manually make changes to large volumes of legal language that is very similar from one contract to another,” said Dan Broderick, CEO, and co-founder of BlackBoiler. “Our advanced AI-based platform streamlines this process and helps organizations achieve enhanced performance, impact and value for their contract review and negotiation process. Winning the 2021 AI Breakthrough Award is a strong validation of our success and innovation in the AI space.”
For more information, go to www.blackboiler.com.
Based in Arlington, Virginia, BlackBoiler is a National Science Foundation-backed software company focused on the automation of contract review. The company’s patented automated contract markup tool is designed to work seamlessly with programs users already know how to use: Word and email. Through proprietary techniques, BlackBoiler creates client-specific editing models and leverages these models to markup inbound contracts instantaneously in the Track Changes feature of Microsoft Word. BlackBoiler grows smarter and increases the efficiency of contract review with each additional use.
About AI Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AI Breakthrough Awards program is devoted to honoring excellence in Artificial Intelligence technologies, services, companies, and products. The AI Breakthrough Awards provide public recognition for the achievements of AI companies and products in categories including AI Platforms, Robotics, Business Intelligence, AI Hardware, NLP, Vision, Biometrics and more. For more information visit AIBreakthroughAwards.com.