New AI legal risk company Luminos.AI spins off from DC law firm Luminos.Law with $1.7M investment


Source: Reuters

The new company, Luminos.AI, said it launched publicly on Monday after spinning off from Luminos.Law, a small, five-year-old law firm run by lawyers and data scientists that specializes in advising companies on auditing and managing AI and analytics risks.

The law firm saw an opportunity to make its custom AI risk software more widely available on an enterprise platform, according to Andrew Burt, its co-founder and managing partner. Doing so meant hiring a full software development team and also raising money from outside investors, which professional rules for law firms do not allow, he said.

The potential legal risks associated with AI have multiplied as more companies invest billions of dollars in the technology, with litigation and regulatory scrutiny growing in areas including copyright, employment discrimination and privacy.

The new company’s offerings include a “bias calculator” for testing AI systems for bias and fairness. It has an automated reporting tool that generates compliance documentation for AI models, among other products, according to its website.

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