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Q&A with Peter Richards 'Ayfie'

Peter Richards gives his insight into Ayfie and provides advice for any startup

Balraj Singh

Eagle Lab Manager, Eagle Lab Notting Hill Gate

17/01/2019

Thank you to Peter for allowing us to get an insight to Ayfie and for advice around start-ups, Peter is a founder of Ayfie and based in New York and employees a team of 47 and growing.

Ayfie uses computational linguistics (nIP/ml) to extract information from documents ,across any number of files or locations. Machine reading and extraction of information helps automate work flows within legal, compliance and risk.

Ayfie have been a part of the Law Tech Eagle Lab since the launch and provided us with knowledge and his a big part of what we want to achieve by being the business of excellence in LawTech in London.

Here we fire some quick questions to Peter around business start-ups and Ayfie plans for the future.

Peter Richards

Your favourite entrepreneur?

Elon Musk

Your favourite quote?

You don’t know if you don’t try.

Advice to an entrepreneur starting out?

Management and managers determine your culture – hire carefully.

The best thing about the Barclays Eagle Lab and the ecosystem you work in?

Positive vibe, shared goal and diversity of people working in the Lab and visiting the Lab.

Tell us more about your company?

We have developed a linguistics-based text analytics engine with smart search that extracts insights from large unstructured data sets.

What is your company’s mission?

To help companies solve problems by finding information and insights faster and more accurately in order to automate workflows.

What’s different about your company / product?

We understand language and extract insights from text using NLP, rather than by training machine learning algorithms.

Biggest challenges to get where you are today?

Managing an overwhelming large number of projects, priorities and needs.

How did you start off and when?

We started seven years ago as an enterprise search platform for companies like Skanska and Statkraft, but three years ago we acquired a computational linguistics company and shifted over to “reading text” as knowledge discovery is no longer about finding documents, but extracting information from them.

Where is ayfie at in the business journey now?

ayfie started as a technology that was licensed by other software vendors. Eighteen months ago we shifted to a product company and we’re on a journey to build out our AI product suite to support legal workflows to aid the human workforce.

How has Eagle Labs supported you?

Well, after 3.5 months the Lab has supported us with office space, events, promotions and networking.

What has been the biggest impact the Lab has had on your company?

Meeting players in the LawTech ecosystem faster than we would have by ourselves.

How would you describe the relationship you have with the Eagle Labs team?

Fantastic – like a business partner and a friend who listens and tries to deliver value.

What does the future hold for your company – what are your plans? What’s the next big challenge?

Challenge is to get access to law firms, understand their needs and workflows in order to determine our product fit for the market.

Thank you to Peter for his time and positive feedback in regards to his experience within the Law-Tech Eagle Lab.  

Notting Hill Gate

Balraj Singh is based at Notting Hill Gate Eagle Lab

Barclays Eagle Lab Notting Hill Gate is a dedicated centre of excellence for LawTech businesses to transform the legal industry.

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