Mishcon de Reya has today named the six companies it has selected to participate in its technology incubator, MDR LAB. They were selected following a pitch day at the firm's London headquarters on 25 April, where 19 companies presented their products and ideas. Click here to watch a short film of the pitch day.
MDR LAB was launched in January, in conjunction with innovation specialists and investors L Marks, with applications open to early stage and growth technology start-ups.
The chosen companies range from concept stage to revenue generating, and cover a broad array of technologies, all of which are applicable to the legal industry. They will now have the opportunity to work within their target market to pilot and improve their products and to gain a better understanding of how legal services are provided, as they are welcomed into Mishcon de Reya for a 10-week period which commenced Monday 8 May. All will have access to Mishcon de Reya lawyers and other business experts from inside and outside the firm for advice, mentorship and education.
Two of the selected companies are based in the UK, with the other four coming from Germany, the US and India.
Below is a list of the participating MDR LAB companies.
Everchron is a US-based company founded by former litigators. The company's collaborative litigation management software puts case critical information and analysis at lawyers' fingertips. With its intuitive search interface, dynamic key document chronologies, and automatically generated witness files, lawyers can quickly find relevant information and communicate it to team members wherever and whenever they need it. Secure, intuitive, and intelligent, Everchron is built to handle cases of all sizes, including the most complex and large scale litigations.
An exciting start-up at concept stage, Orbital Witness was founded this year to deliver actionable insights from satellite imagery for use by real estate lawyers. Its product provides customers with historical images of a site, a vast improvement on old image sources such as Google Earth. Orbital Witness can automatically scour cloud-based imagery from commercial satellite operators and space agencies, and use machine learning techniques to analyse the imagery in conjunction with existing real estate datasets to solve clients' queries and innovate in real estate practice.
Founded in 2016, Ping is based in the US. Its product, which automates timekeeping for lawyers and provides data analysis for law firms, is at user stage. Lawyers lose up to 20% in billable time, and law firms lose critical data, as a result of lawyers manually timekeeping. Ping's solution eliminates the need for lawyers to keep track of time. This ensures that firms capture more billable hours and can capitalise on the accurate data that it collects.
Founded in 2013, SaltDNA is based in Belfast with 17 staff. Its product is at user stage, and revenue generating. SaltDNA provides a fully enterprise-managed software solution that enables absolute privacy in mobile communications. It is easy to deploy and uses multi-layered encryption techniques to meet the highest of security standards. The SaltDNA Desktop and Mobile apps are intuitive and easy to install and use. The SaltDNA Communication Manager provides a console for tight management of users and can be configured for the management of regulatory (i.e. FINRA, HIPAA and MiFID) compliance.
Founded in 2015 and based in India with 12 staff, Surukam's product is at user stage and the company is revenue-generating. It provides artificial intelligence powered solutions for the automation of contract management, with minimal human intervention. Designed and developed by its AI and contract experts, Surukam's platform, CruxIQ, is based on the principle of predictive analysis, and can assist in automation of contract extraction, redlining contracts and deviation analysis.
Founded in 2015 and based in Berlin, synergist.io provides a secure cloud service to automate the negotiation of contract terms, allowing customers to draft, negotiate and sign contracts without redlines or email. synergist.io shortens deal cycles by automating contract workflow, and intelligently guides users through contract negotiations. The synergist.io team are preparing to launch the first enterprise version of their contract automation platform.
The team behind MDR LAB has also announced that it has welcomed SeedLegals as a partner to the programme, to further support the participating companies. SeedLegals is the world’s first automated legal platform for start-ups, allowing founders to create the exact legal documents they need to grow, run and fund their company. Its platform integrates every component of a start-up funding round into an automated process, shrinking funding round timeframes from the three-month industry average to a matter of days.
Commenting on the selected companies, Mishcon de Reya's Chief Strategy Officer and Director of MDR LAB, Nick West, said: "Mishcon de Reya has made a commitment to becoming technologically transformed and being at the forefront of technological innovation in the legal industry. MDR LAB is a key part of this commitment and we are really excited and encouraged by the calibre of our chosen participants. We look forward to welcoming them into Mishcon de Reya, and contributing to their development over the coming months."
Stuart Marks, Chairman of L Marks added: "MDR LAB have seen and met with legal tech talent from around the world, and have been impressed with the quality of this growing sector. These start-ups have an unparalleled opportunity to refine their solutions with Mishcon de Reya's team and we are confident that they will all rise to the challenge."