LegalTech has many avenues, depending on what kind and level of technology is utilized for which purpose. Some companies specialize in dealing with a wide variety of legal processes and proceedings, as well as firms that specialize in a particular part of the legal systems. Acaya, for instance, belongs in the latter category.
Acaya -About The Company
Acaya is a LegalTech firm that was founded in May 2018 and is based out of Bangkok, Thailand. The company aims to be a bridge between the traditional legal infrastructure and the modern era, focusing on research into legal information retrieval and digitization. They are well funded and focused on research, intending to utilize AI-powered Thai Natural Language Processing to digitize and modernize legal proceedings, making work easier for professionals, enterprises and everyone involved. They leverage NLP and Data Analytics to retrieve, analyze, digitize and effectively reshape legal documentation to be fit for the computing era.
The Mission
In the 21st century, where data and connectivity have become such an integral part of society, there exists a necessity to reimagine law and legal systems accordingly. Acaya utilizes Natural Language Processing to digitize and analyze legal data and documents in the native Thai Language. NLP is very prominent in English and other western languages, but doing the same in Thai is the challenge that the firm undertakes. They are research-oriented and committed to a cause that will make their legal database digitized and democratized beyond the traditional capacity.
The Product -LAWLITY
Their flagship product, LAWLITY is their tool to organize, analyze and unify all data at their disposal. The abundance of data is often problematic to all entities, as needless clutter will impede research and proper utilization. In simple terms, too much raw data will delay or even prevent the necessary information from coming to light. This slows down most legal proceedings and prevents companies from properly using this data, when in printed or written format.
LAWLITY helps turn all these documents into usable knowledge by using NLP to read, organize, analyze and unify the data into a digitized format. This saves time by automating a laborious process and helps in legal discovery, analytics, and visualization. It is a great tool for lawyers, professionals, companies, and the system to streamline legal proceedings. It also offers a high degree of security, accuracy and unparalleled speed.
Significance And Relevance
NLP has been utilized in many sectors to digitize data. However, each language poses a new challenge in terms of nuance, meanings and implied statements. In Legal systems, understanding and interpreting this language can often be an arduous task, making this initiative extra challenging. However, Acaya aims to implement its research to modernize the Thai legal system and how it operates by leveraging this technology.
The Verdict
In a developing country like Thailand, modernizing the legal framework takes time and effort. With their product, the firm wants to create a digital ecosystem for legal processes, saving time, money and effort that could be better utilized elsewhere.
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