{"id":47802,"date":"2019-05-09T09:00:45","date_gmt":"2019-05-09T07:00:45","guid":{"rendered":"https:\/\/cms.munich-startup.net\/?p=47802"},"modified":"2019-05-07T13:14:24","modified_gmt":"2019-05-07T11:14:24","slug":"investment-for-rfrnz","status":"publish","type":"post","link":"https:\/\/cms.munich-startup.net\/en\/47802\/investment-for-rfrnz\/","title":{"rendered":"Seven-figure investment for rfrnz"},"content":{"rendered":"<div class=\"entry-content\"><p><strong>The startup, founded in Munich and Berlin in 2017 <a href=\"\/en\/ecosystem\/rfrnz\/\">rfrnz<\/a> aims to revolutionize contract analysis with the help of artificial intelligence. The High-Tech Gr\u00fcnderfonds (HTGF), the UnternehmerTUM Initiative for Industrial Innovators, and two other investors are now supporting this project with a seven-figure investment.<\/strong><\/p>\n<p>rfrnz&#039;s AI-powered system is designed to digitize and optimize key work processes in law firms and corporate legal departments. The program uses an NLP (Natural Language Processing) algorithm that captures and processes natural language in texts.<\/p>\n<h3>Process optimization through digitalization<\/h3>\n<p>The program handles the analysis of contracts, which previously had to be performed manually by lawyers in time-consuming processes. This analysis includes, among other things, identifying relevant content. The analysis tool&#039;s learning algorithm automatically filters the texts according to topics, clauses, or individual data points and, if necessary, detects anomalies such as missing or unusual clauses. This is intended to make the processes and workflows in law firms or corporate legal departments as efficient as possible and largely automate them.<\/p>\n<blockquote><p>\u201cWe want to support law firms, legal departments and purchasing departments in digitizing and automating their work, thus becoming an accelerator internally,\u201d<\/p><\/blockquote>\n<p>says CEO and Co-Founder of rfrnz,\u00a0<strong>Dr. Sven von Alemann<\/strong>This should not only relieve the burden on lawyers, but also lead to cost savings for clients.<\/p>\n<h3>AI-based contract analysis on the rise<\/h3>\n<p>rfrnz has already impressed investors with its idea of digitizing contract analysis. The young company was awarded the EXIST Founders&#039; Grant. Various medium-sized companies, law firms, and even DAX 30 companies are now using the tool. And the new investors also recognize the potential of the legal AI startup. <strong>Kristin M\u00fcller<\/strong>, Investment Manager of the High-Tech Gr\u00fcnderfonds:<\/p>\n<blockquote><p>&quot;With rfrnz, a significant part of the legal value chain is automated, resulting in process efficiency and cost savings for the client. We are convinced that the market for AI-based legal services will experience significant growth and look forward to working with the dedicated team at rfrnz GmbH.&quot;<\/p><\/blockquote>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Founded in 2017 in Munich and Berlin, the startup rfrnz aims to revolutionize contract analysis with the help of artificial intelligence. The High-Tech Gr\u00fcnderfonds (HTGF), the UnternehmerTUM Initiative for Industrial Innovators, and two other investors are now supporting this project with a seven-figure investment. rfrnz&#039;s AI-supported system is intended to simplify important work processes in law firms and legal departments...<\/p>","protected":false},"author":32,"featured_media":47810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5633,1,5635],"tags":[52,2258,3600,23],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Siebenstelliges Investment f\u00fcr rfrnz - Munich Startup<\/title>\n<meta name=\"description\" content=\"rfrnz will die Vertragsanalyse mit Hilfe k\u00fcnstlicher Intelligenz revolutionieren. F\u00fcr dieses Vorhaben erh\u00e4lt das Startup nun ein siebenstelliges Investment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cms.munich-startup.net\/en\/47802\/investment-for-rfrnz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Siebenstelliges Investment f\u00fcr rfrnz - Munich Startup\" \/>\n<meta property=\"og:description\" content=\"rfrnz will die Vertragsanalyse mit Hilfe k\u00fcnstlicher Intelligenz revolutionieren. F\u00fcr dieses Vorhaben erh\u00e4lt das Startup nun ein siebenstelliges Investment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cms.munich-startup.net\/en\/47802\/investment-for-rfrnz\/\" \/>\n<meta property=\"og:site_name\" content=\"Munich Startup\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/munichstartup\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-09T07:00:45+00:00\" \/>\n<meta name=\"author\" content=\"Sandra Ohse\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@munich_startup\" \/>\n<meta name=\"twitter:site\" content=\"@munich_startup\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sandra Ohse\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cms.munich-startup.net\/47802\/investment-fuer-rfrnz\/\",\"url\":\"https:\/\/cms.munich-startup.net\/47802\/investment-fuer-rfrnz\/\",\"name\":\"Siebenstelliges Investment f\u00fcr rfrnz - Munich Startup\",\"isPartOf\":{\"@id\":\"https:\/\/cms.munich-startup.net\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cms.munich-startup.net\/47802\/investment-fuer-rfrnz\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cms.munich-startup.net\/47802\/investment-fuer-rfrnz\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cms.munich-startup.net\/wp-content\/uploads\/2019\/05\/2018-10-23-J-RFRNZ-12436-e1557219891228.jpg\",\"datePublished\":\"2019-05-09T07:00:45+00:00\",\"author\":{\"@id\":\"https:\/\/cms.munich-startup.net\/#\/schema\/person\/44fefd0f3018683bdae7561770a1aba7\"},\"description\":\"rfrnz will die Vertragsanalyse mit Hilfe k\u00fcnstlicher Intelligenz revolutionieren. 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