AI as a Service: EVANA and Noerr present new AI tool for legal due diligence in real estate transactions
Saarbrücken, June 3, 2024 EVANA AG and the Real Estate Investment Group of leading law firm Noerr are collaborating on the development of a new AI tool for the automated extraction of real estate-specific documents. Noerr will also be the first pilot customer to use the new tool.
During the development phase, Noerr and EVANA jointly trained the system to automatically extract land registry extracts. Even handwritten deletions are correctly recognized. In the future, the tool will also make information from other document types, such as leases and service agreements, available at the touch of a button for further processing in the legal due diligence process and the digitalization of real estate management. Based on this, specific decisions can be made more quickly and reports can be generated in greater detail. The extraction process is ISO-compliant and does not involve intermediate data storage to meet data protection and data security requirements.
The new AI tool can be booked as Software as a Service independently of other EVANA offerings.
„AI-supported classification and extraction of real estate-specific documents is at the core of our company. With this new offering, we are now extending these capabilities to law firms in addition to real estate managers,“ explains Süleyman Acar, CEO of EVANA AG. „I am particularly pleased that the renowned experts at Noerr Real Estate Investment Group are supporting us directly in the development process and that we were able to secure this law firm as our first pilot customer.“
„AI-supported transaction consulting is a key area for the future, to which EVANA’s new tool can make a significant contribution. Furthermore, the automated acquisition of a reliable data basis is an essential foundation for the ongoing digitalization of the real estate industry,“ says Christoph Brenzinger, lawyer and partner at Noerr Partnerschaftsgesellschaft mbH.
Since EVANA AG was founded in 2015, EVANA AI has been trained on real estate-specific documents and has learned from processing over 20 million relevant data points. Currently, the artificial intelligence can classify more than 360 different document types with a success rate of over 98 percent.
About Noerr Partnerschaftsgesellschaft mbB
Noerr anticipates developments, transforms change into an advantage, and paves the way to the future: With 500 consultants, experts in the full breadth and depth of business law, based in ten countries, and networked with top law firms worldwide. The innovative, interdisciplinary approach of Noerr's Real Estate Investment Group (REIG) combines private equity, corporate law, capital markets, finance, tax, real estate law, and public law, uniting profound business acumen with high legal expertise and innovative strength. With a team of more than 60 specialized consultants, the Real Estate Investment Group covers the entire real estate value chain and provides comprehensive advice on all legal and tax aspects. Further information: www.noerr.com
About EVANA AG
EVANA AG, headquartered in Saarbrücken, has developed the EVANA360 platform, which provides a comprehensive digital representation of real estate companies. Using artificial intelligence, all relevant data from documents, processes, and external sources is extracted, structured, and intelligently analyzed. The platform allows for the mapping of various structures with a high level of detail, from the property level to the corporate level. By centrally consolidating and standardizing data, EVANA integrates existing partial solutions. This provides companies with a comprehensive, transparent, and secure foundation for decision-making. The self-learning platform can be individually customized and integrated with any existing enterprise software. It thus forms the digital heart of every real estate company. The PropTech company's technology partners and clients include leading companies in the real estate and legal sectors. Founded in 2015, the PropTech company has received numerous awards for its technological solution and is actively involved in research in the field of artificial intelligence. Further information: www.evana.ai
Press contact
Andy Dietrich
Strategiekollegen GmbH Telephone: +49 170 228 32 99
Email: andy@strategiekollegen.de
