Legal Tech AI Startup NAIX redacts Contracts with AI for Companies in M&A Transactions

NAIX redacts Contracts with AI for companies in M&A Transactions

 

“Companies tended to accept the [GDPR] fines since they are not as high as the costs of the manual redaction of data, but now we are here”
Ramin Karbalaie, CEO and Founder NAIX Technology

 

Media Partnership

NAIX Technology is Frankfurt Forward’s (https://www.frankfurtforward.com/) Startup of the Month September 2020. Congratulations. As part of our media partnership, we are bringing you the interview with its astrophysicist CEO and Founder Ramin.

 

The Founder

In this interview, we are talking to Ramin Karbalaie (https://www.linkedin.com/in/ramin-karbalaie-b9022a185/), CEO, and Co-Founder of Frankfurt and Cologne-based NAIX Technology (https://naix.de/en). The AI startup and legal tech help do anonymize documents for large companies and corporations, e.g. in case they need to be put in a data room. More on this later.

Ramin is highly gifted, he started to study astrophysics at university already during high school (in Germany highly gifted student can do that) and finished several semesters worth of course work before graduating from high school.

His mother is a linguist and so he was early exposed to linguistics, which sparked his interest in computer linguistic and later natural language processing (NLP). This is where the legal part, the ai, the natural language processing, and the quantitative training come together to form NAIX Technologies.

The startup counts among its mentors one of the managing directors of the private investment office of Rothschild & Co.

 

“When I was studying astrophysics I had to work, so I took any job. I used to work as a working student in a big international law firm. … There I talk to lawyers about their pains. … so, things evolved”
Ramin Karbalaie, CEO and Founder NAIX Technology

 

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“We anonymize contracts, so lawyers and consultants are not violating data protection law in due diligence”
Ramin Karbalaie, CEO and Founder NAIX Technology

 

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“We work for investigative committees of the German parliament, which is pretty cool at least for us”
Ramin Karbalaie, CEO and Founder NAIX Technology

 

The Startup

The startup is providing anonymization and pseudonymization for contracts and other legal documents. This is needed due to European data protection laws. If a company is sold, a buyer will want to look deep in the books and contracts of an entity he or she buys. Such a phase in a transaction is called Due Diligence. Due to data protection, the contracts with all personal information cannot be shared, but the buyer needs them to evaluate the company, so NAIX comes in and takes out all private information so contracts and other information can be shared, without violating the law.

The system of NAIX is based on AI technology. They are not only working for private companies, but also for the public sector like investigative committees of the German Federal Government and other high-profile bodies.

Their tools can also be used in knowledge management, so e.g. contracts can be shared in large law firms without violating data protection.

 

“We automatically redact contracts for M&A transactions”
Ramin Karbalaie, CEO and Founder NAIX Technology

 

 

The Video Interview is set to go live on Thursday, September 10th, 2020 at 19.00 CET

https://youtu.be/3-VZZEopVFI

 

 

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The Interviewer

This interview was conducted by Jörn “Joe” Menninger, startup scout, founder, and host of Startuprad.io.

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