The legal industry is undergoing a remarkable transformation with the advent of artificial intelligence. As a lawyer who has embraced AI solutions and innovation, I have witnessed firsthand the profound impact it has on legal practices.

In this article, I will explore how AI is revolutionising legal research, contract analysis, and case management, enabling me and my fellow legal professionals to streamline workflows, deliver efficient legal solutions, and shape the future of our law practice.

 

The rise of AI in the legal industry

As a lawyer who has integrated AI into my work processes, I have experienced the game-changing potential of artificial intelligence in the legal industry. AI excels in legal research, eliminating the hours previously spent sifting through extensive information. Now, AI-powered tools can analyse databases, extract relevant information, and provide quick insights, significantly reducing research time and effort.

Contract analysis is another area where AI algorithms shine. Reviewing contracts for clauses, risks, and compliance used to be time-consuming. However, AI-powered contract analysis tools leverage natural language processing and machine learning to swiftly analyse contracts, identify critical provisions, and flag potential risks. This empowers me to make informed decisions more efficiently.

Transforming case management

Through the integration of AI, case management in litigation has undergone a transformative shift. Machine learning algorithms analyse past cases, predict outcomes, and provide valuable insights that support my legal strategy. This data-driven approach enhances decision-making and enables me to assess the strengths and weaknesses of my cases more effectively.

Additionally, AI-powered tools automate routine administrative tasks, such as document review and case documentation. By utilising optical character recognition (OCR) and data extraction techniques, these tools efficiently sort through vast volumes of documents, identify relevant information, and organise it in a structured manner. This not only saves time but also reduces the risk of human error.

Also Read: Beyond the token and the law of diminishing marginal (NFT) utility

Improving access to justice

As a lawyer committed to promoting access to justice, I recognise the significant advantages that AI brings to the legal field. Many individuals and businesses face barriers when seeking legal assistance due to high costs and limited resources. AI-powered solutions provide an opportunity to bridge this gap by offering affordable and accessible legal services.

For instance, chatbots and virtual assistants powered by AI can interact with clients, answering their legal queries and guiding them through basic legal processes. This empowers individuals to seek preliminary legal advice without the immediate need for a consultation with a human attorney. By leveraging AI, I can extend my legal expertise to a broader range of individuals who may not have otherwise had access to legal guidance.

Addressing ethical considerations

As a lawyer who embraces AI solutions, I understand the importance of addressing ethical considerations associated with its use. Transparency and accountability in algorithmic decision-making processes are crucial to ensure fairness and prevent bias. Furthermore, maintaining client confidentiality and data security is always a top priority when utilising AI tools.

I am also aware of the ethical challenges related to potential job displacement for certain tasks traditionally performed by legal professionals. However, it is important to note that AI technology is designed to augment human capabilities, not replace them.

By automating repetitive tasks, AI allows me to focus on higher-value activities such as legal analysis, client counselling, and strategic thinking, ultimately providing a more comprehensive and tailored service to my clients.

Final thoughts

As a lawyer who has fully embraced AI solutions and innovation, I can attest to the transformative power it has brought to the legal industry. By leveraging AI-powered tools and algorithms, I have enhanced my efficiency, accuracy, and overall effectiveness as a legal professional.

AI enables faster and more comprehensive legal research, streamlined contract analysis, improved case management, and greater access to justice. By embracing AI technology while upholding ethical considerations, I can harness the full potential of AI and actively shape the future of our law practice.

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Amidst the challenges of a tough funding climate, e27 is launching an exciting new article series called Angel’s Advocate to provide fresh perspectives on angel funding. In this exclusive series, we sit with prominent angels to hear their stories and strategies and gain unique insights about early-stage financing.

Adriel Yong is currently the Head of Community at Ascend Angels, one of the largest angel networks in Singapore with over 400 members. Yong’s journey as an angel began when he started angel investing in SEA startups such as Doyobi, AcadArena, JiPay, StackUp, Lumina and Acme.

He also works with Jeremy Au on the BRAVE Podcast and co-authored their publication featuring the top 10 stories on the show since its inception. Outside of startups, Yong is passionate about social mobility and continues to support Access Singapore, an education non-profit that he helped to found back in 2019.

In this edition, Yong shares his take on angel funding.

Edited excerpts:

How do you typically approach investing during a funding winter?

During a funding winter, we focus on companies with strong fundamentals and a high potential for growth, especially those with proprietary technology and experienced teams. We invest smaller initial amounts and look for startups that can scale with less capital.

What are your typical investment criteria, such as industry, stage, and geographic location?

As one of the largest angel networks in Southeast Asia, we are excited to back the next generation of founders in the region across various sectors and stages. Our sector and regional focus is a reflection of the concentration of membership in this part of the world, which allows us to best source, evaluate and support our portfolio companies.

We particularly like to back second-time founders and founders with a deep understanding of the problems they are going after because of a hard-earned insight or significant operating experience.

Can you describe your investment process from initial contact to closing a deal?

Our team and extended angel network can often be found in startup events and industry mixers. After the initial contact, the investment team will speak with a company to better understand their proposition and evaluate if there is a mutual fit to proceed further.

Also Read: Angels should play a more hands-off role: Sanjay Shivkumar of Carousell

Thereafter, we will start to speak with relevant members of the angel network to do initial due diligence and gather interest to support the company in its current round of fundraising. Once we have gathered initial conviction and interest in the company, we will share it with the wider angel network and arrange calls for the founder to speak with interested parties before collecting commitments.

How do you evaluate a startup’s potential for growth and success?

We think about companies from first principles and try to understand what is the problem they are actually going after, how large that problem is and how much people would pay to solve that problem. We ask ourselves if this is the best team to tackle this problem and whether we are able to effectively partner with them to accelerate their growth with our network over the medium to long term.

How important is the founder’s experience and background when making investment decisions?

We have observed that the founder’s experience and background can influence product, commercial and hiring outcomes significantly, especially at an early stage. Second-time founders often have an advantage in understanding pitfalls in company building, such as how to hire, fundraise and structure teams effectively.

Founders with deep operating experience in particular industries will have a massive advantage in attracting the best talent to work with them, have higher clarity on their customer persona and tend to see much quicker commercial traction. All these translate to stronger growth in the business and better fundraising outcomes.

Can you share your successful investment and what made that investment successful?

One investment we are particularly excited about is Ringkas, a digital mortgage platform in Indonesia. The founding team previously built large companies in Southeast Asia and had a good combination of startup, property and financial expertise.

What makes Ringkas impressive is its ability to structure and secure complex partnerships with top banks in Indonesia and the largest property developers to secure over $2 billion in property supply over a short span of time.

Furthermore, the gap in Indonesia’s mortgage industry is massive with Indonesia’s mortgage penetration rate, currently at a modest 3.25 per cent of the total GDP, which significantly lags behind countries like India and the United States, which have penetration rates of 11 per cent and over 50 per cent of GDP, respectively.

What are some common mistakes that startups make when pitching to angel investors? What are some myths about angel investment?

Startups need to inspire confidence in prospective investors when they pitch. Some common mistakes would be being vague about product differentiation, the business model and unit economics and the details of going to market.

Even though a pitch might have gone well for angels, some might not participate in the end when they feel that the deal terms are not sufficiently fair for the company’s stage.

How important is the alignment of values between the investor and the startup founder?

Venture investing is often thought of as a one-way street in terms of whether an investor finds a startup attractive. I argue that a mutual alignment of values between investors and startups is important for long terms success.

Also Read: It is important that founders see investors as their partners: Christina Teo of she1K

For instance, if the investor prioritises high topline growth and not strong fundamental unit economics, while the founder does, then it might not be the best investor-investee relationship over the medium to long term. This is especially challenging if such an investor is a major shareholder or board member with additional levers to compel the founder to their vision for the company.

Our advice to portfolio founders is to speak to other portfolio companies of potential investors to understand how the fund manages their portfolio companies, what they prioritise, how they have managed crises in their investees and the individual working style of Partners that will be board members.

How do you manage risk when investing in startups? Are there any specific metrics or indicators you look for?

To manage risk effectively when investing in startups, we first have to be able to identify the risks. As an angel network with over 400+ accredited angels across Southeast Asia, we tap into our extensive network to do industry and founder due diligence.

This helps us accelerate our internal education on new markets that we might be unfamiliar with and helps us get better clarity of the backgrounds of the founders we work with. Beyond the network, we also tap into our portfolio companies (over 60+) and funds that we are limited partners.

As a network that invests across the early stage and growth stages, we also have the flexibility of revisiting investments in the future that we do not feel the most comfortable with at the current stage because of certain product or market risks that we are unable to underwrite.

Finally, when we do make an investment, we leverage our angel network to derisk things related to commercialisation, hiring and further fundraising.

For individual angel investors, a key part of risk management is sizing your bets and dealing with fair terms. I previously discussed how to think about angel investing ticket sizes and deal terms with Jeremy Au on the BRAVE podcast, do check out the episode here if it’s something you might be thinking about.

Can you share any advice for startups looking to raise funds from angel investors?

The truth is, your fundraising journey started way before you decided to find a company. Angel investors will do extensive reference checks with people whom you have worked for previously and those that have worked with and for you.

Are you someone that the best talent will want to work with and for? Founders should actively think about cultivating strong relationships with their previous teammates and bosses and leveraging them when they want to start out on their fundraising journey with angel investors.

There is also a cliché: “When you ask for money, you get advice. When you ask for advice, you get money.” I have seen advisors of startups/founders become the first angel investor in companies and actively advocated for them to other investors based on their working experience with the team.

In this regard, actively seek advice at each point of your journey, and that can reap both direct benefits (better product and traction) and indirect benefits (greater trust and advocacy from advisors).

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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HK tycoon John Lau sues EmergeVest, demands US$45M back
He sued EmergeVest over the PE firm’s portfolio company EV Cargo’s alleged plan to operate in Greater China, where it would be rivalling Lau’s own Cargo Services Group.

Bitdefender to acquire Horangi Cyber Security
Horangi Warden offers a cloud-native solution that secures critical cloud infra for hundreds of organisations across all major public cloud platforms, including AWS, Azure, and Google Cloud.

Singaporean ex-Googler’s AI startup Reka raises US$58M
The lead investors are DST Global and Radical Ventures; Reka’s first commercial product Yasa is a multimodal AI ‘assistant’ trained to understand images, videos and tabular data in addition to words and phrases.

Singapore’s digital payment platform Sunrate raises funding
The investors include Prosperity7 Ventures and SoftBank Ventures Asia; Sunrate provides cross-border payment and treasury management solutions for businesses in emerging markets.

HK’s OneDegree raises US$27M to expand insurance reach in Asia
The investors include Gobi Partners, BitRock Capital, and Sun Hung Kai; OneDegree will use the funds to further expand in Asia and invest in its AI capabilities.

Carl Pei’s Nothing closes US$96M in funding ahead of Phone (2) launch
The startup’s first product – wireless earbuds Ear (1) – generated orders for 400,000 units when it launched in August 2021; This was followed by Nothing’s Phone (1) debut in July 2022 and Ear (2)’s rollout in March this year.

Korea’s Alwayz aims to make e-shopping fun with US$46M in funding
The investors include DST Global, KB Investment, and Korea Investment; Alwayz deviates from typical e-commerce platforms by incorporating social features like short videos and gamification into shopping to draw customers.

Preowned motorcycles marketplace iMotorbike scores US$2.6M
The investors include Gobi Partners, Ondine Capital, Penjana Kapital, and The Hive Southeast Asia; The funds will be used to strengthen its operations in Malaysia and Vietnam, besides investing in technology and talent.

Meet the 4 SEA startups of PepsiCo’s climate tech programme
They were the results of an open call PepsiCo did in March, when it sought solutions for sustainable packaging and climate reduction.

Indonesia’s Baskit raises US$3.3M in seed funding
The investors include Betatron Venture Group, Forge Ventures, Investible, and 1982 Ventures; Baskit focuses on digitalising and growing distribution businesses in supply chains.

Crypto.com to set up Singapore innovation lab
The lab will leverage Singapore’s strength as both a tech-driven city and a leading global financial hub to further accelerate the development of the nascent digital asset industry innovatively and responsibly.

Is there a sudden slowdown in the pace of digital transformation globally?
Matija Kapic of Infobip says if businesses refrain from adopting digitalisation, they will lose approximately US$145 billion of GDP growth.

Lessons from Echelon: Make cybersecurity a priority from day one of the business planning
Given the ever-evolving threat landscape, cybersecurity holds paramount importance for startups, demanding proactive measures from day one.

How layer-2 rollups boost Ethereum’s scalability for broader Web3 adoption
Two types of Rollups are currently very common: Optimistic and Zero-Knowledge (ZK); But while both methods contribute significantly to Ethereum’s scalability, they have considerable limitations.

Unleashing the power of specialised AI startups in the era of generative AI
To maximise the value of generative AI, startups should consider the optimal insertion point for their product within existing workflows.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Artificial Intelligence is fast becoming the most wanted tech tool in the new era. The likes of ChatGPT have become the most widely used software solutions.

Below is a list of the investors that have invested in Southeast Asia’s AI startups in 2023 so far.

Darwin Ventures

Darwin Ventures is a fund of funds that provides individual and institutional investors (primarily educational endowments and foundations) access to investment opportunities generally unavailable to most investors. The firm was founded to provide selective investments in top-tier VC funds. These investments include a diverse group of VC partnerships focusing on US-based early-stage VC funds diversified across industry sectors, including technology, information technology, and healthcare.

Hive Ventures

Hive Ventures is a global VC firm that aims to accelerate technological advancements from Taiwan to build a smarter, hyperconnected world. Led by a team of entrepreneurs with deep expertise in AI and big data, the firm invests in early-stage companies developing the building blocks of AI, SaaS, blockchain and other future technologies.

Harbinger Ventures

Harbinger Ventures is an early-stage growth equity firm focused on identifying and scaling high-growth companies in the consumer sector. It works exclusively with early-stage consumer brands led by exceptional female founders or mixed-gender founder founding teams and incentivises collaboration amongst its portfolio companies by giving each entrepreneur an equity stake in the portfolio.

Darwin, Hive, and Harbinger invested in Profet AI, a Taiwanese artificial intelligence startup in January this year.

RTP Global

RTP is an early-stage VC firm. It has made over 110 investments worldwide, with one in ten becoming multi-billion dollar companies, including Datadog, DeliveryHero and Cred. Its capital comes almost entirely from its founders, who reinvest proceeds from their past startups.

It has a presence in New York, Bangalore, Dubai, London, and Paris.

Lunar Ventures

Lunar Ventures is a deep-tech, seed-stage venture fund with a team of three deep-tech expert partners in Berlin. It invests pre-revenue to help turn your science fiction into reality.

It writes a cheque of €300,000 to €1 million (US$325,000 to US$1.8M) to technical teams with strong R&D backgrounds who build European products that will sell globally.

In February, RTP and Lunar joined the US$3.6 million seed funding round of Instill AI.

Biospring Partners

Biospring Partners was founded in 2020 by Michelle Dipp and Jennifer Lum to invest in companies with the potential to fundamentally shift how technology is utilised across the life sciences sector. Biospring invests in growth-stage B2B companies driving innovation across the life sciences industry and beyond.

Senator Investment Group

Based in New York, Senator Investment is a hedge fund providing services to pooled investment vehicles. It specialises in the fields of financial services and investment management. It was formed in 2008.

B Capital Group

B Capital Group is a global firm specialising in equity investments in venture and growth-stage companies that have achieved traction with customers. Through its extensive global network and exclusive partnership with The Boston Consulting Group, B Capital helps high-growth startups navigate business challenges, raise capital, and attract talented leadership at key points of their journeys to scale.

It has offices in San Francisco, New York, Los Angeles, and Singapore. The focus verticals are AI, biotech, consumer, cybersecurity, e-commerce, finance, healthtech, insurtech, SaaS, transportation, and travel.

The focus stages are seed, pre-Series A, Series A, Series B, Series C, and above. The ticket size is US$10 million to US$60 million.

Glasswing Ventures

Glasswing Ventures is an early-stage VC firm investing in the next generation of AI and frontier technology startups enabling the rise of the intelligent enterprise. It is laser-focused on funding exceptional entrepreneurs leading the AI revolution, capitalising on the intellectual might and talent from the premier academic institutions on the East Coast, and fostering growth for our ecosystem.

In March, Biospring, Senator Investment, B Capital, and Glasswing invested in Labviva, a Singapore- and US-based AI-driven life sciences digital marketplace.

FinSight Ventures

A global fintech and SaaS investor. Most of its investments are from the US, India and Europe. It invests in pre-seed and seed stages and writes US$50000 to US$100,000.

For Series A and Series B firms, it usually invests anywhere between US$500,000 to US$5 million. In Series С+, it can invest between US$10 million and US$20 million.

Rebel Fund

Rebel aims to invest in the best 0.1 per cent of the 40,000-plus tech startups that apply each year to Y Combinator. The fund’s due diligence and investing decisions are made by a team of accomplished Y Combinator alumni who have founded companies valued at over US$85 billion, invested in 200+ startups, and generated top-decile portfolio returns.

Rebel utilises a proprietary machine-learning algorithm called Rebel Theorem to help validate and screen potential investments.

Nurture Ventures

Nurture Venture provides venture assistance and strategic advice to entrepreneurs. The firm focuses on various areas, including healthtech, cyber security, applied artificial intelligence, and customer experience.

Leonis Investissement

Leonis Investissement is a private club that allows individuals and business angels to invest from €1,500 in hyper-growth startups in Silicon Valley.

FinSight, Rebel, Nurture, and Leonis were part of the US$8.5 million Series A funding round of Betterhalf, an AI-powered matchmaking platform targetting urban Indians.

Wavemaker Partners

Wavemaker takes a portfolio-building approach to early-stage (seed to Series A) investing. It usually starts with a US$100,000 to US$200,000 cheque and follows on until US$1 million. It has 15 member funds across four continents.

Wavemaker Group is a multi-faceted cross-border venture capital firm founded in 2003. The firm is dual headquartered in Los Angeles and Singapore and has raised over US$580M across multiple funds. In Southeast Asia, Wavemaker focuses on enterprise and deep technology companies.

Its Singapore-based investments include Luxola (acquired by LVMH), ArtofClick (acquired by Xurpas), and Pie (acquired by Google).

SEEDS Capital

As the investment arm of Enterprise Singapore, SEEDS Capital catalyses smart monies into Singapore-based early-stage technology startups. It co-invests with institutional investors in innovative startups with strong intellectual content and global market potential. It focuses on nascent and strategic industries such as advanced manufacturing and engineering, health & biomedical sciences, and urban solutions & sustainability.

It also looks at other emerging technologies such as agri-tech, AI, blockchain, Quantum Computing, and space technologies. Post-investment, it leverages Enterprise Singapore’s networks across industries and global overseas centres to support the growth of our portfolio companies.

Today, it has over 100 startups in its portfolio and works with more than 40 co-investment partners.

Wavemaker and SEEDS Capital participated in the US$1.8 million seed funding round of Groundup.ai, a Singaporean startup helping industrial companies prevent unplanned downtime of industrial assets and improve workplace safety.

Horizons Ventures

Horizons Ventures was co-founded by Solina Chau and Debbie Chang in 2005. It is known for backing era-defining companies making a lasting and positive impact worldwide. Its notable early-stage investments are Zoom, Impossible Foods, Perfect Day, Spotify, Siri, and DeepMind.

LifeX Ventures

LifeX is a capital growth company that de-risks early-stage life sciences companies in terms of time, resources, and investment. It focuses on the strategic pillars of commercialisation, capital, infrastructure, and resources to create alignment and achieve the highest probability of success for every company in our portfolio.

Blackbird Ventures

Blackbird is based in Australia and New Zealand. It invests in every type of technology, from software to space. It backs the best startup companies from idea to beyond IPO. Its portfolio is worth over US$7 billion and includes some of the most successful Aussie and Kiwi startups, including Canva, Zoox, SafetyCulture, Culture Amp, and Halter.

Radar Ventures

Radar Ventures is a private fund based in Australia and New Zealand, investing globally in companies developing technology solutions to problems affecting humans on a global scale. Investment sizes vary, with a preference to invest early and follow the company’s growth.

In April, Horizons, LifeX, Blackbird, and Radar joined the US$10 million financing round of Singapore- and Australia-based Cortical Labs.

Qatar Investment Authority (QIA)

QIA was established in 2005 to protect and grow Qatar’s financial assets and to help diversify the economy. QIA is a global investment organisation with investments spanning all major global markets, asset classes, sectors and geographies.

ICONIQ Capital

ICONIQ Capital is a privately-held investment firm. ICONIQ provides financial advisory and family office services and manages direct investments focusing on technology growth equity, venture capital, middle market buyout, and real estate.

Jungle Ventures

Jungle Ventures is a Singapore-based VC firm that invests in and helps build tech category leaders from Asia. It invests in early and growth-stage companies.

The focus verticals are consumer, enterprise solution, finance, and SaaS.
It invests across Singapore, Indonesia, India, Malaysia, Thailand, and Vietnam across pre-Series A/bridge, Series A, Series B, Series C, and above.

The investment range is US$1M to US$15M.

Its portfolio includes Livspace, Kredivo, Reddoorz, Sociolla, and Waresix.

Insight Partners

Founded in 1995, Insight Venture Partners specialises in growth-stage software and internet investing globally. Insight’s team of growth experts comprises technology investors and operating executives with significant experience scaling technology companies. Since its inception, Insight has raised over US$7.6 billion to invest in market-leading companies through minority and majority deals.

QIA, ICONIQ, Jungle, and Insight were part of the US$250 million Series D funding round of Builder.ai, an AI-powered composable software platform.

Warburg Pincus

Warburg Pincus is a global growth investor. The firm has more than $80 billion in assets under management. Its active portfolio of more than 250 companies is highly diversified by stage, sector, and geography.

Founded in 1966, Warburg Pincus has raised 21 private equity and two real estate funds, which have invested over US$109 billion in over 1,000 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.

Northstar Group

Northstar Group is a Singapore-headquartered private equity and venture capital firm managing over US$2.6 billion in committed equity capital. It invests in fast-growing in Southeast Asia with a particular focus on Indonesia.

Since its founding in 2003, the group has invested in more than 50 companies across the financial services, consumer/retail, manufacturing, technology, telecom, and agribusiness sectors. In aggregate, it has invested over US$4 billion with its co-investors in Southeast Asia.

In May, Singapore-based AI company Advance Intelligence Group raised US$80 million from an investor consortium led by existing investors Warburg Pincus and Northstar Group.

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Bitdefender, a global cybersecurity company headquartered in Romania, has agreed to acquire Singapore-based Horangi Cyber Security.

The transaction is expected to close subject to the satisfaction of customary closing conditions. Terms of the transaction were not disclosed.

With this acquisition, Bitdefender will incorporate Horangi’s Cloud Infrastructure Entitlement Management (CIEM) and Cloud Security Posture Management (CSPM) capabilities into the Bitdefender GravityZone unified risk and security analytics platform. These will add critical compliance and governance capabilities to Bitdefender’s threat prevention, protection, detection and response capabilities.

Additionally, Horangi’s security services, including proactive risk assessment, red teaming, and penetration testing, will integrate with and complement Bitdefender Managed Detection & Response (MDR) services.

Also Read: Lessons from Echelon: Make cybersecurity a priority from day one of the business planning

Horangi Cyber Security was founded in 2016. Its flagship platform, Horangi Warden, is a cloud-native solution that secures critical cloud infrastructures for hundreds of enterprise organisations across all major public cloud platforms, including AWS, Azure, and Google Cloud.

“This acquisition represents a strategic partnership built on shared values, a commitment to innovation, and a vision for the future,” stated Paul Hadjy, Co-Founder and CEO of Horangi Cyber Security. “By leveraging Bitdefender’s broad cybersecurity portfolio, our customers can expect an even greater level of service, accelerated innovation pace, and exceptional cybersecurity outcomes in the cloud and beyond.”

Founded in 2001, Bitdefender is a cybersecurity company delivering threat prevention, detection, and response solutions. The firm has customers in 170-plus countries with offices worldwide.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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