Ontra Synapse, now also powered by OpenAI’s GPT-4, optimizes private fund lifecycle management to deliver superior outcomes more quickly and cost-effectively
SAN FRANCISCO – November 15, 2023 – Ontra, the leader in contract automation and intelligence, today announced the integration of OpenAI’s GPT-4 into its AI engine, Ontra Synapse. This addition will advance Ontra’s Legal Operating System, which automates the most critical legal workflows for private markets firms.
Through an innovative combination of industry-specific data, proprietary and commercial LLMs, and human-in-the-loop expertise, Ontra Synapse enables private markets firms to quickly and effectively implement AI technology.
Integrating commercial LLMs into Ontra’s Synapse to augment its AI-driven Legal Operating System represents the next step in automating and optimizing mission-critical legal and compliance workflows for highly sophisticated private markets firms. Private fund managers investing in private equity, direct lending, venture capital, and hedge fund strategies demand safe and secure AI solutions that accurately and thoughtfully address their most pressing challenges in fundraising, investing, and managing fund operations. As GPs face increasing pressure to reduce costs and improve efficiency by exploring and adopting AI-enabled solutions, Ontra provides a quick and effective way to modernize legal and compliance operations.
Private fund managers looking to leverage legal AI need solutions that can make sense of complex global transactions, nuanced contractual arrangements, and industry-specific context. As regulatory scrutiny intensifies, private funds cannot risk the costly mistakes that may arise from adopting technology not suited to legal workflows for the investment industry. Ontra Synapse, now also powered by OpenAI’s GPT-4, overcomes this challenge by combining an extensive repository of private markets contract data with an industry-leading combination of proprietary and commercial LLMs, and human expertise.
Ontra has integrated OpenAI’s GPT-4 to power Insight, Ontra’s AI platform for fundraising and side letter compliance. Insight allows fund managers to accelerate critical fund operations and compliance workflows, including investor subscriptions, most-favored-nation (MFN) elections, and side letter and fund document obligation management. With Insight, fund managers can provide a best-in-class investor experience and collaborate with key stakeholders to operationalize compliance.
Specifically, Insight will leverage proprietary and commercial LLMs to quickly identify, summarize, and categorize clauses from side letters and fund documents. Integrating commercial LLMs to automate and enhance these previously manual tasks allows fund managers to onboard with Insight more efficiently, so they can quickly and easily comply with their obligations to investors.
“Private markets firms are highly sophisticated and highly regulated. They demand responsible technology that evolves quickly and just works,” noted Eric Hawkins, Ontra’s SVP of Engineering. “Over the last several years, Ontra has developed proprietary AI models suited to a number of private markets legal applications. In the past year, we have been really impressed by OpenAI’s pace of innovation and the rate at which their models are improving. Building on GPT-4 with Ontra Synapse accelerates our ability to cover the breadth of legal contracts, freeing us up to focus our proprietary AI efforts on things like suggestions and recommendations that are only possible by building on our extensive repository of private markets data.”
Ontra Synapse will continue to adhere to rigorous security and confidentiality standards, enforcing encryption at all levels and meeting the SOC 2 Trust Services Criteria for Security. While Ontra Synapse will continue to be trained on Ontra’s proprietary data, Ontra data will not be incorporated into OpenAI’s generally available models.
Ontra’s Legal Operating System comprises Ontra Synapse, Contract Automation, Insight, and Ontra Atlas. For more information about how Ontra can automate your essential legal workflows, visit www.ontra.ai.
Ontra is the global leader in contract automation and intelligence for private asset management firms. Ontra’s Legal Operating System combines AI-enabled software with a worldwide network of highly trained professionals to digitally transform recurring legal workflows. Ontra’s solutions improve the contract lifecycle — from contract negotiation and processing to tracking complex agreement obligations. Ontra works with the world’s leading investment banks, private equity and venture capital firms, and direct lenders to reduce the time, expense, and risk associated with contract management.
Ontra is headquartered in San Francisco, with global operations across North America, Europe, and Asia. Learn more at www.ontra.ai.