How Foundation AI is Harnessing Artificial Intelligence and Computer Vision to Classify and File Documents for Law Firms (Vivek Rao / Co-Founder & CEO)
Aug 31, 2023
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Vivek Rao, Co-Founder & CEO of Foundation AI, discusses how the app automates document processing for law firms using AI, OCR, and computer vision. The speaker shares their journey from law school to technology and AI, and explores the challenges of going paperless in the workers' compensation system. They also delve into the difficulties in document classification and workflow, the intersection of AI and healthcare, and the journey of starting an AI company.
Foundation AI automates the manual process of collecting, categorizing and filing documents for law firms using artificial intelligence, OCR, and computer vision.
The software integrates with existing systems, uses natural language processing, OCR, and computer vision to accurately classify and index documents, streamlining document intake and improving accuracy.
Deep dives
Introduction and Background
In this episode of the Technically Legal podcast, Chad Maine interviews Vivek Rao, founder of Foundation AI. Vivek shares his journey from law school to starting a law practice and working in workers' compensation defense. He explains how his experience representing a medical industry startup led him to think about using technology and AI to automate document organization and classification in the legal and insurance industries.
The Genesis of Foundation AI
Vivek discusses how the idea for Foundation AI came about while working for a workers' compensation defense firm. He noticed the challenges of dealing with large volumes of documents and saw an opportunity to apply similar technology used in the healthcare industry to automate document categorization and filing for law firms and insurance companies. This led him to gather a team and create Foundation AI, which utilizes AI, optical character recognition (OCR), and computer vision to classify and organize incoming documents based on type, time sensitivity, and matter.
Overview of Foundation AI's Software
Foundation AI's software integrates with law firms and insurance companies' existing systems, such as Microsoft 365 and practice management software. It ingests documents from various channels and automatically matches them to the appropriate matter, classifies them based on the document's content, and files them in the correct folder according to the organization's structure. The software uses a combination of natural language processing, OCR, and computer vision to read and understand the documents, enabling accurate classification and indexing.
Implementation and Benefits
The implementation process for Foundation AI involves understanding the firm's current workflow, mapping out their folder structure, and configuring the software to fit seamlessly into their existing processes. The software provides significant benefits, including streamlined document intake, automated organizational tasks, improved accuracy, and faster document retrieval. The AI-powered system eliminates many manual and error-prone processes, allowing attorneys to focus on the substantive work instead of administrative tasks.
Vivek Rao, talks about his path from workers compensation attorney to co-founder and CEO of Foundation AI, an app that automates the manual process of collecting, categorizing and filing documents and unstructured data. The software is used by law firms and insurance companies and utilizes a combination of artificial intelligence, optical character recognition (OCR) and computer vision to process incoming documents and email by type, time-sensitivity, and matter or claim.
Vivek, a native of Los Angeles, figured he would get into entertainment law, but ended up as a lawyer working in real estate and finance.
Later on, he started helping a workers compensation firm handle case files. In that role, he saw an opportunity to use AI and natural language processing (NLP) to automate the manual work of processing and filing the thousands of documents his firm received every week.
After the acquisition of a medical AI company he represented as corporate counsel, Vivek started wondering if a similar technology could be employed in the legal and insurance industries and after some ideation, Foundation AI was born.
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