Zuva, the company that spun off from AI contract review pioneer Kira following its acquisition by Litera in 2021, has announced the introduction of its new AI contract review tool, Zuva Analyze. This tool aims to expedite the contract review process for in-house legal teams, potentially enabling them to examine contracts two to three times faster than traditional manual methods.
Created by the same team responsible for developing Kira, Zuva Analyze employs generative AI and machine learning to deliver precise and detailed results across extensive document sets. Zuva is differentiating Analyze from other existing contract review solutions through its flexible pricing model, offering both subscription and project-based payment options. This flexibility can be particularly beneficial for corporate legal departments that may not have the budget for continuous subscriptions but can allocate funds for specific projects as needed.
According to Noah Waisberg, Zuva’s founder and CEO, the advancement in AI technology since the sale of Kira has opened up new possibilities. “AI has really advanced since we sold Kira in 2021,” Waisberg noted. “We thought this change in technology presented an excellent opportunity to solve problems we couldn’t back in the day.”
Furthermore, the product has received positive feedback from early beta users, who have observed it streamlining the contract review process significantly. Waisberg emphasized that the product’s speed, pricing flexibility, and modern user interface set it apart from competitors in an increasingly crowded market of contract analysis software.
Zuva, which has traditionally focused on providing access to its AI review technology through an application programming interface (API) to other legal tech companies and corporations, sees a broader market for its capabilities. For instance, Microsoft uses Zuva’s API to automate workflows involving the approval of licensing terms for third-party software by legal teams.
Due to acquisition agreement restrictions, Zuva Analyze will cater exclusively to corporate legal departments and not law firms. Waisberg views this focus as an advantage, especially for corporates looking to manage deals internally without the need for external legal consultation. “Being able to go faster for a corporate is pretty attractive,” he explained.
In alignment with this strategy, Zuva’s flexible pricing model is designed to appeal to corporate legal departments, which may prefer project-based purchases over continuous subscriptions. “I think there are situations when they will feel like subscriptions, but there are other situations where they’d rather do one off, and so we’re happy to do either,” added Waisberg.
For further details, you can read the full announcement here.