Text IQ, a leading provider of artificial intelligence (AI)-powered eDiscovery solutions, has recently announced that it has secured $100M in Series D funding. The funding was led by Alkeon Capital, with participation from existing investors including FirstMark Capital, Sierra Ventures, and WTI. The new funding will be used to further enhance Text IQ’s AI-powered eDiscovery platform and expand its product offerings.
This funding marks a significant milestone for Text IQ, as it brings the total amount raised by the company to $140M. With this new funding, Text IQ is poised to further solidify its position as a leading provider of AI-powered eDiscovery solutions.
What is Text IQ?
Text IQ is a technology company that specializes in using AI to power eDiscovery solutions. eDiscovery is the process of identifying, preserving, collecting, processing, reviewing, and producing electronically stored information (ESI) in response to a legal or regulatory request. ESI can include emails, documents, text messages, social media posts, and other forms of digital data.
The eDiscovery process can be time-consuming, expensive, and error-prone if done manually. Text IQ’s AI-powered eDiscovery platform helps legal teams to automate and streamline the eDiscovery process, saving time and reducing costs while improving accuracy and efficiency.
How Does Text IQ Work?
Text IQ uses a combination of machine learning and natural language processing (NLP) to analyze and classify large volumes of ESI. Machine learning is a subset of AI that involves training algorithms to recognize patterns in data. NLP is a branch of AI that focuses on analyzing and understanding human language.
Text IQ’s platform uses machine learning and NLP to analyze ESI and identify sensitive information, such as personally identifiable information (PII), protected health information (PHI), and privileged communications. The platform can also identify potentially relevant documents for legal review, reducing the time and cost of the eDiscovery process.
Why is Text IQ’s AI-Powered eDiscovery Platform Important?
Text IQ’s AI-powered eDiscovery platform is important because it helps to address some of the challenges that legal teams face when conducting eDiscovery. These challenges include:
Large Volumes of Data: With the amount of data generated increasing exponentially, legal teams must deal with huge volumes of ESI. Text IQ’s platform can help to quickly and accurately identify relevant documents, reducing the time and cost of the eDiscovery process.
Sensitive Information: Legal teams must also protect sensitive information, such as PII, PHI, and privileged communications. Text IQ’s platform can help to identify and redact this information, reducing the risk of inadvertent disclosure.
Human Error: The eDiscovery process is complex and can involve a high degree of human error. Text IQ’s platform uses AI to automate and streamline the process, reducing the risk of errors and improving accuracy and efficiency.
Cost: The cost of eDiscovery can be a significant burden on legal teams. Text IQ’s platform can help to reduce the time and cost of eDiscovery, making it more accessible for organizations of all sizes.
What’s Next for Text IQ?
With the new funding, Text IQ plans to further enhance its AI-powered eDiscovery platform and expand its product offerings. This will include developing new features and capabilities that will help legal teams to streamline the eDiscovery process even further.
Text IQ also plans to expand its presence in the legal industry and to forge new partnerships with law firms and corporate legal departments. The company’s existing partnerships include collaborations with some of the world’s largest law firms, including Am Law 100 firms.
Text IQ’s AI-powered eDiscovery platform has the potential to transform the way legal teams conduct eDiscovery. With the increasing volume of data and the need to protect sensitive information, eDiscovery has become a