Pensieve Technologies is an AI Driven Text Analytics & Linguistics firm, at the core they have always aspired to be and remained as a Core technology firm.
Two Years ago, the company set out with a vision to develop algorithms that can understand text in the context it is used like human beings and today it has satisfactorily accomplished the task.
The company has deployed those algorithms on Legal Documents (Judgements) & Contracts and built two products Mitra (AI driven Legal Research Platform) and Smriti (AI Driven Contract Life Cycle Management Platform)
Streamlining Technology by Innovatively Incorporating AI
The company has thrivingly developed two products that includes:
Mitra: It is an AI driven Legal Research system. It equips several features to serve the end-to-end needs for legal research. It has natural language search query system, Machine learning based recommendation algorithm and it gives deep analytics to each of the cases. Several other user interface features such as inbuilt doc editing tools, research notepad, project management capabilities (which lets users complete the legal research without going outside of platform environment) makes it wholesome.
Smriti: It is a powerful tool for contract lifecycle management. It gives head start in contract review & drafting process and makes it super-efficient. It has several ML algorithms for clause prediction/Contract Analysis and suggestions based on historical learnings. It also has inbuilt project management tools to collaborate with your peers and third party persons to make drafting and review process across your firm on one single platform.
Leader with Incredible Vision
Gaurav Shrivastava, Founder and CEO of Pensieve Technologies is a true blue entrepreneur. His last company Zimmber was India’s Biggest Company in Home Service Space and was acquired by Quikr. He holds bachelor’s degree in Engineering. After that, he pursued his MBA from a renowned institution, named MICA which is India’s best College in Strategic Marketing & Communication.
Gaurav is leading the company’s vision of disrupting the Legal Tech Ecosystem using ML & NLP technology. The company envision to make the Relevant Legal Data easily and efficiently available to stakeholders.
Gaurav is leading the Indian Legal Tech Startup Ecosystem by bringing AI Initiative and make hence democratizing the judicial system.
Notable Recognitions Achieved by Pensieve Technologies
The company has been striving on new tactics and strategies to build long term customer relationship which includes Understanding Customer need & Product Depth. This resulted in appreciation from giant firms.
Pensieve Technologies has graduated leading accelerator programs in India (Axilor, Reliance GenNext and Malaysia (Super Charger). Besides that, the company has been featured as Top 20 most promising AI companies in 2018 and Top 10 Legal Tech firms in APAC by CIO review. Additionally, it got recognized as Top 5 startups 2018 in Legal Tech by Analytics India.
Two Major Challenges: Data and Behavior
A hard-core believer of Kelly Cutrone’s quote ―When you’re following your inner voice, doors tend to eventually open for you, even if they mostly slam at first, Pensieve technologies too encountered various challenges.
There are two major challenges. First is Data Challenge. One of the major challenges as a start up in the space of ML and NLP is the access to data to experiment and the cost of acquiring data and improve the algorithms. This has been a hurdle that Pensieve had to traverse to get to where it is today.
Another crucial challenges is Behavior Challenge. Legal industry hasn’t been very tech savvy for a long time. But, with the increasing amount of data crunching they have become open to adopting new technologies to increase their productivity
The Combined factors that Consolidated the Company’s Strength
Team: Pensieve Techonolgy has a very well rounded team with a serial entrepreneur, a PHD from US and a business graduate from US as co-founders and resources from top colleges of India as their employees.
Right Industry- The Legal Industry has not been disrupted. In the USA alone it is worth $280billion. Top law firm by revenue Kirkland & Ellis ($3.1bn), Latham & Watkins ($3.0bn), Baker McKenzie ($2.6bn). Largest inhouse team by cost: JP Morgan Chase ($222m), Apple($455m), Citi Group ($174m)
Machine Learning & Natural Language Processing: These technologies are becoming the main stream technology and customers are more adapting the product driven by AI faster than ever.
Participating in Novel Research Work keeps Employees Motivation Up
As a part of weekly work, Pensieve Technolgies take up some research related work there by allowing people to stay close to new research and thereby drive innovation.
Clarity on business problem to everyone in the team and conducting brainstorming sessions on how to solve the problem statements. This offers everyone a feel of, sense of ownership.
Insight to have Global Expansion
In the upcoming years, Pensieve plans for global expansion. The company is expanding globally starting with Malaysia and Hongkong and plans further expansion into UK and Ireland. Other key step would be to start Data Crunching from Text based documents taken over by AI.