"A startup wants to give attorneys a crystal ball to forecast whether a lawsuit will settle and at what amount. Theo Ai is building a "predictive engine" tool, aimed at law firms and large corporations, that it says takes the guesswork out of pricing a lawsuit. The company tells Business Insider it has raised $3 million in new funding from Run Ventures, bringing total backing to more than $10 million."
"Theo Ai lets law firms and businesses use their own history as training data. It builds a bespoke model for each client that plugs into the systems lawyers already use, such as case management systems and file-sharing tools. When a new case lands, the model finds look-alikes in that history and returns a settlement likelihood and range."
Theo Ai builds a predictive engine that uses a client's historical case data to model the likelihood a lawsuit will settle and the expected settlement range. The system integrates with existing legal systems such as case management and file-sharing tools, identifying look-alike cases in a client's history to produce settlement likelihoods and ranges for new matters. The company initially sold to litigation funders that rely on accurate case selection and now reports growing demand from large enterprises with frequent litigation. Clients seek to control total legal spend, which includes settlement amounts plus months of lawyer fees, discovery, and expert costs.
Read at Business Insider
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