Ontra Pioneers AI Search for Complex Legal Agreements

The new search functionality surfaces and summarizes key knowledge stored in agreements so fund managers can answer questions and perform tasks more efficiently.

SAN FRANCISCO, Oct. 8, 2024 /PRNewswire/ -- Today Ontra, the leader in contract automation and intelligence for the private markets, announced that its search capabilities are getting a major boost from its powerful AI engine, Synapse. Now fund managers have the ability to ask questions of their agreements and get actionable answers in seconds. Ontra's customers can save time and money by using AI Search to quickly and accurately surface knowledge hidden in their most complex legal agreements, including LPAs and side letters.

With this functionality, Ontra builds upon its AI contract digitization capabilities released earlier this year, which enable its Insight platform to identify and categorize the information in fund documents faster and more cost-effectively than ever before. AI Search adds an interactive and conversational search experience to Insight's purpose-built data architecture. Customers can now experience a new level of search accuracy, efficiency, and utility.

"As customers have implemented AI internally, they've noticed that conventional AI solutions layered over unstructured documents yield unreliable search results and recommendations," said Ontra General Manager of Insight, Miles Chan. "By contrast, AI Search leverages data inputs from documents that were meticulously structured by Synapse. This foundation of structured and validated data empowers customers to sort, search, and analyze complex legal agreements with confidence. Fund managers can go from a complex question to concrete action faster than ever before."

As a next step, Synapse will enable customers to ask immediate follow-up questions and suggest related workflows based on requirements in their legal documents. Ontra will also extend these capabilities to its broader product suite, enabling users to gather critical knowledge from any contract faster.

Synapse now allows Insight users to:

• Ask Insight questions about their agreements
• Get quick and actionable answers informed by the full scope of their agreements
• Explore supporting obligations with links to relevant reference text and summaries
• Leverage search results to create workflows that hold teams accountable

Leading fund managers have signed up to take advantage of Ontra's advanced AI technology to work smarter. These managers have identified the importance of all teams being able to quickly and easily understand an organization's fund agreements. Whether a deal professional wants to confirm investment restrictions, investor relations needs a list of limited partners with co-investment rights, or accounting is calculating management fee breaks — all functions need to access information that allows them to take the next steps. With AI Search, any user can ask questions and quickly get the answers they need.

For more information about how Insight's AI Search functionality is transforming productivity and access to knowledge for private fund managers, visit https://www.ontra.ai/products/insight/.

About Ontra

Ontra is the global leader in contract automation and intelligence for private asset management firms. Ontra's legal operating system combines AI-enabled software with a worldwide network of highly trained lawyers to digitally transform recurring legal workflows across the full fund lifecycle. Ontra works with the world's leading investment banks, private equity and venture capital firms, and direct lenders to reduce the time, expense, and risk associated with contract management.

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SOURCE Ontra