Allen & Overy (A&O) has chosen five companies to join its tech startup Fuse, in its second round of applications.

The new companies will join Fuse, which is based at the magic circle firm's London headquarters, in May.

Four of the new businesses are artificial intelligence technology providers, including Kira Systems, Bloomsbury AI, Neota Logic and Signal Media.

The group also includes one fintech business, Regnosys, which was founded by two former Goldman Sachs senior managing directors.

They were among more than 80 applicants to apply to join Fuse, which opened in September 2017 with a group of eight companies.

Three of that initial intake – Avvoka, Legatics and Nivaura – are remaining in the space.

In this latest round, the applicants were whittled down by a selection committee comprising senior figures from A&O, Amazon, JPMorgan and peer-to-peer lending marketplace Funding Circle.

Fuse chairman Jonathan Brayne said: "We're excited to welcome the next batch of businesses into Fuse. This cohort's focus is very different to that of the first – there's a strong AI theme here – but there's the same sense of anticipation as when we opened our doors last September."

Fuse head Shruti Ajitsaria added: "Opening for the second cohort has enabled us to keep abreast of the constantly changing legaltech ecosystem and we're really pleased with the standard of the companies joining us next month. We look forward to building on the learnings that we gained from the first cohort to ensure that this programme is just as successful."

A number of other UK law firms have launched similar initiatives during recent years in an attempt to tap into the fast-growing financial technology market.

Addleshaw Goddard, Simmons & Simmons, and Slaughter and May are among those to have established funds to provide free legal and other services to so-called 'fintech' startups.

Fuse intake 2018

• Bloomsbury AI – an early-stage company that uses natural language understanding, cognitive capabilities and machine learning to create virtual assistants that can be taught to read, reason and communicate.

• Kira Systems – provides machine learning technology for document review and analysis, which has been licensed by Allen & Overy.

• Neota Logic – a provider of automation software whose AI-powered app development platform enables professionals to build and deploy applications that automate legal expertise, processes and documents.

• Regnosys – a fintech company which leverages the open source to deliver "machine-executable regulation" and drive change in the financial industry's approach to regulatory compliance.

• Signal Media – an AI-powered intelligence firm turning information into accessible, actionable business knowledge. Artificial Intelligence is applied to millions of content-rich sources – from news media to global regulatory updates – driving insight and helping businesses manage the risks and opportunities they face.