Meet Apiax, a regulatory information platform that has been in Allen & Overy’s FUSE innovation group and is seeking to provide a ‘one-to-many’ approach to compliance. It is designed to give very clear yes/no answers to complex legal queries. It operates with a rules-based system and does not use an NLP approach.
Apiax’s overall aim is to empower law firms and regulatory experts to transform their knowledge into machine-readable regulatory rules. Founded in 2017 in Switzerland, but now with several bases including London, the company says it wants to help ‘law firms and regulatory experts to future-proof their compliance offering [by] replacing out of date, knowledge sources, like handbooks, PDFs, and endless memoranda’.
In this latest AL TV Product Walk Through the company’s UK business development head, Alan Blanchard, explains how the system works and how it taps legal input from law firms, such as Allen & Overy, and allows clients to get clear answers to compliance questions. We also discuss the business model and how law firms can make revenue from it.
(Press play to watch, approx 12 mins.)