RenewData, a leading
provider of services for the discovery, archiving, review and governance
of Electronically Stored Information (ESI), today announced its
eDiscovery Acceleration Platform designed to provide clients a solution
that addresses the rising costs of eDiscovery and stringent litigation
deadlines. RenewData’s revolutionary end-to-end platform is the
industry’s first solution to expedite eDiscovery of both live and legacy
electronic data without relying on significant manual oversight, which
drastically reduces cycle times and gets information into the hands of
reviewers much more quickly. With the release of the first platform
module, RenewData has already established extraordinary efficiencies in
its extraction and processing of backup media.
As both the IT and legal side of today’s organizations are
finally understanding the true scope of eDiscovery, a big challenge they
face is the rising costs of eDiscovery. One of the major factors in
this cost is the sheer volume of corporate data they have, combined with
an ever-expanding set of types and formats involved in eDiscovery.
Majority of companies do not know what is contained in their legacy data
and due to perceived high costs, are unable to manage this data
according to corporate policy. This lack of insight and control can lead
to escalated eDiscovery costs, missed deadlines, costly sanctions or
even unfavorable legal decisions, such as in the Judge Shira Scheindlin
case of Pension Committee of the University of Montreal Pension
Plan, et al. v. Banc of America Securities, et al. Judge Scheindlin
recently released an extensive opinion on eDiscovery discussing in
detail the importance of written litigation holds and careful collection
of electronic documents in order to prevent spoliation and ensure
evidence is properly preserved.
RenewData designed the first module release of its eDiscovery
Acceleration Platform to address these issues. In its first release,
RenewData automated many of the steps that have been historically
handled manually, enabling petabytes of data to be processed daily in
order to meet the often strict deadlines and requirements of the
litigation process. The Company has seen significant reduction in time
during the extraction and processing efforts for backup media. In a
recent case, RenewData was able to gain more than 7X efficiency in
overall throughput with a 66 percent reduction in the setup time and a
90 percent improvement in data extraction speed.
"The key industry drivers are time, cost, and relevance; this
technology delivers on all three. Our solution blends years of
processing knowledge from very talented and experienced people with
fantastic technology design," said Steven Horan, CEO of RenewData. "Our
goal was to design and build a scalable platform to give our clients the
ability to quickly access, understand and analyze critical information.
We believe our eDiscovery Acceleration Platform will set a new industry
standard for predictability of cost, reliability and transparency."
Through its two year initiative, RenewData developed its
eDiscovery Acceleration Platform to deliver the industry’s fastest and
most scalable means of narrowing large data sets contained on backup
media down to the most relevant information for a given case. This is
especially crucial as organizations look for solutions that provide a
more rapid understanding of data on backup media to address Early Case
Assessment (ECA). The efficiency provided by RenewData’s eDiscovery
Acceleration Platform provides access to key data more quickly for
earlier analysis of the scope of the project and cost. Additionally, to
address the need for optimum data defensibility, RenewData has
integrated its platform with its existing world-class Chain of Custody
(CoC) process, and automated its real-time reporting capabilities to
offer greater visibility throughout the eDiscovery process.
RenewData will continue to enhance this end-to-end platform
based on client feedback and needs. Subsequent releases will tie in live
data from archives and other repositories as well as further integrate
RenewData’s innovative technologies for even more efficient data
targeting and culling, earlier ECA and more efficient review.