The new iteration will be known as ‘LEVERTON CORE’ and will provide users with a ‘plug and play’ capability that puts its use firmly in the hands of clients.
UK Managing Director, Richard Belgrave, explained that the new incarnation of the AI software meant a stronger focus on a ‘we build it, you use it’ strategy, with users able to tap into the system and analyse whatever they wanted without LEVERTON’s staff being involved, which is a departure to the first iteration of the platform and business model.
The company has also stressed that it hopes to see property companies, corporates with large property portfolios, as well as investors, have a far greater and more detailed access to their ‘data core’ of real estate documents by using the new system.
The partnership with SAP, the corporate data management experts, will support this ambition of opening up a property company’s entire data set, not just lease documents, but providing better access to all files and data on real estate matters. This would then be combined with LEVERTON’s now highly developed cognitive engine that has been steadily machine learning about property matters over several years.
Belgrave said that the company’s immediate goal was to focus on ‘one vertical’, namely property, because it would allow the AI’s capability to reach far higher levels of capability than that of other, less practice-orientated AI-powered cognitive engines.
‘Machine learning becomes more sophisticated with practice,’ Belgrave added.
The company also notes that many of its target clients, and current clients, are not necessarily always lawyers, nor lawyers who work inside a property company or investor, but could be any executive who wants access to their data core, to extract data from it and understand what it means, all with the very short process times and with the high accuracy of the AI’s cognitive engine.