Corlytics, CeADAR and Singlepoint will share the funding. AI and Machine Learning to be used to demystify laws and regulations.
An AI regulation platform has been revealed as one of the ground-breaking initiatives to receive funding from the Disruptive Technologies Innovation Fund. The platform, which will receive €2m in funding, is working to use AI and Machine Learning to automate monitoring, interpretation and risk assessment of laws and regulations across multiple disciplines and jurisdictions.
It received the funding following a rigorous, highly-competitive process. Some 16 projects have been awarded a total of €65m from the Disruptive Technologies Innovation Fund, which was established under Project Ireland 2040 and is run by the Department of Business, Enterprise and Innovation with administrative support from Enterprise Ireland.
Funded until 2023, the initiative will be led by a consortium of leading data scientists, SMEs and technology experts. The partnership is led by Corlytics, the world leader in regulatory risk intelligence with CeADAR, Ireland’s Centre for Applied AI and digital technologies consultancy Singlepoint.
Human Expertise and Artificial Intelligence
The trained AI platform for regulation combines human expertise with artificial intelligence to demystify laws and regulations which will then enable firms to deliver effective regulatory outcomes while protecting consumers.
Corlytics will provide deep domain expertise in regulatory technology. CeADAR will contribute its advanced text analysis and data science industrial research capabilities. Singlepoint brings a wealth of digital transformation experience. The three organisations have a proven track record in collaborating, including Corlytics and Singlepoint’s successful digitisation of the FCA handbook, the first commercially available intelligent regulation anywhere in the world.
John Byrne, CEO of Corlytics said: “The funding serves as both an endorsement of this transformation and of our leading-edge credentials. Corlytics’ legal, financial and regulatory experts, combined with CeADAR’s and Singlepoint’s expertise enable us to deliver a much needed platform to disrupt and transform the global regulatory industry.”
Brian Seery, CTO of Singlepoint also welcomed the news: “This partnership is a powerful combination. Corlytics’ unique understanding of global regulation and Singlepoint’s digital expertise and collaborative approach is truly unique in this space. Partnering with Corlytics will allow us to conceive, design and build the next generation of transformative enterprise and digital products and platforms.”
Dr. David Lillis, Principal Investigator of CeADAR said: “This project is a huge opportunity for CeADAR to continue our mission to bridge the academic/industry gap by developing and deploying cutting-edge AI technologies to solve real business challenges that affect industry on a global scale. CeADAR, Corlytics and Singlepoint each bring diverse expertise to the consortium. The DTIF programme provides us with a unique opportunity to blend our skillsets to achieve a truly disruptive effect on the way regulatory compliance is addressed.”
Edward McDonnell, Director of CeADAR said: “This project builds on an extensive body of expertise that we have built up in natural language processing particularly of legal documents. We have an established relationship with these two partner companies and we are delighted that we will be working together on this disruptive and innovative technology which leverages our expertise in LegalTech”.
Click here for further information on the 16 funded projects.
Details of the Disruptive Technologies Innovation Fund are available at: dbei.gov.ie/DTIF
Photo: John Byrne, CEO Corlytics with Heather Humphreys, Minister for Business, Enterprise and Innovation at the Disruptive Technologies Innovation Fund announcement, NovaUCD.
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