How Genie AI and KPMG Are Transforming Business with AI

London-based Genie AI recently secured $17.8 million in Series A funding from Google Ventures and Khosla Ventures. Founded in 2017, Genie AI has built a platform designed to streamline legal document drafting and review processes with the power of artificial intelligence.

What It Offers:

• An AI-driven editing platform for drafting and reviewing legal documents.

• Personalized agreements tailored to various jurisdictions worldwide.

• An open-source library of legal templates, including contracts, policies, and letters of intent.

• Efficiency Gains: According to Genie AI CEO Rafie Faruq, the platform enables lawyers to “turn around a contract in minutes,” helping businesses cut costs, finalize deals faster, and eliminate reliance on billable hours.

• Rapid Growth: The company now serves over 100,000 users—a fourfold increase from its previous funding round.

Faruq emphasized the startup's commitment to creating value by “flipping the business model on its head.” Genie AI’s focus on a privacy-aware proprietary editor and agentic AI systems sets it apart from competitors.

The $17.8 million funding will support expansion into the U.S. market and continued innovation in agentic AI, a burgeoning field where systems act autonomously rather than simply responding to prompts.

KPMG’s AI Evolution: Embedding AI in Business Operations

While Genie AI is transforming legal tech, KPMG is leading the charge in integrating AI across its global consultancy operations. David Rowlands, KPMG’s global head of AI, shared insights on how the firm is advising businesses to make the most of AI.

Key Lessons for Businesses

Think Beyond Single-Use Cases:

Many companies focus narrowly on AI systems for isolated tasks. Rowlands argues for embedding AI across operating models to unlock its full potential.

“At KPMG, we’re keen to get people beyond use cases,” he said, highlighting the importance of reusability for achieving better ROI. "What you have to think about is having AI embedded in your operating model," he said.

Rowlands acknowledged that clients often struggle to recognize AI’s broader impact when immediate ROI isn’t evident. However, he emphasized that the benefits will manifest over time in areas like growth, quality, and agility. “We already see that a copilot system saves about 40 minutes a week,” he noted.

In mid-2024, KPMG’s surveys on AI returns showed “ambivalent” results, but Rowlands stated that they are now “getting some anecdotal evidence of ROI.” He predicted that by this time next year, COOs and CFOs will feel more confident about the returns they’re achieving.

Clarity on Data Ownership:

Data is critical for differentiation in the AI era. Businesses must understand where their data is generated, who owns it, and how to keep it up to date.

Rowlands predicts that multi-agent models—AI systems working collaboratively—will become mainstream within 12 months, tackling challenges like decarbonization.

Investing in Workforce Training:

Preparing employees for AI adoption is key to responsible implementation. KPMG’s "24 hours of AI" training focused on building confidence in AI use, prompt crafting, and data stewardship. Rowlands mentioned that everyone should understand how to apply AI to address their challenges and use it confidently and creatively when working with clients.

Rowlands acknowledges that AI will bring a "deep transformational impact" to the professional services industry. He explained that, similar to the internet’s evolution, there will be a shift in roles, but this transformation won’t diminish the core purpose of consultants.

"We don't really think about replacing jobs. It's more about enhancing individuals and roles. And those who are using AI well are being more successful than those who aren't.

"Our consultants will, as they've always done, strive increasingly to make sure that our clients are getting valuable outcomes out of our work."

KPMG’s AI Strategy: Investments and Impact

KPMG has heavily invested in AI to transform its operations and deliver value to clients:

• Partnership with Microsoft: $2 billion invested in AI and cloud services over five years, with an expected $12 billion revenue boost.

• Google Cloud Collaboration: A $100 million investment in Google Cloud is anticipated to drive $1 billion in growth.

While some companies remain cautious about AI’s ROI, Rowlands sees the benefits in areas like growth, quality, and agility. He noted that AI tools like Copilot already save employees 40 minutes a week on average.

Looking Ahead

Both Genie AI and KPMG exemplify how AI is reshaping industries:

• Legal Tech: Genie AI demonstrates how automation and agentic AI can transform traditionally labor-intensive tasks, freeing professionals to focus on higher-value work.

• Business Transformation: KPMG’s AI strategy underscores the need for comprehensive integration, workforce readiness, and a focus on scalable solutions.

As multi-agent AI systems and advanced editing platforms become more prevalent, businesses across sectors will have unprecedented opportunities to innovate, improve efficiency, and remain competitive in an AI-driven world.

Editor’s Note: This article was created by Alicia Shapiro, CMO of AiNews.com, with writing, image, and idea-generation support from ChatGPT, an AI assistant. However, the final perspective and editorial choices are solely Alicia Shapiro’s. Special thanks to ChatGPT for assistance with research and editorial support in crafting this article.