US$7m Funding for an AI Legal Tech Startup
Posted at Legal Practice Intelligence - 8 March 2017
LawGeex, the leading A.I. contract review platform for businesses, has announced the closing of a US$7 million Series A funding round.
The round was led by a group consisting of high-profile investors, including Japanese-based HR and information services company, Recruit Holdings, the owner of Indeed.com. Previous investors Lool Ventures and LionBird also participated in this round, bringing LawGeex’s total funding to US$9.5 million.
“LawGeex is transforming everyday legal operations by automating the contract review and approval process. We help businesses run faster and smoother by removing the legal bottleneck,” said Noory Bechor, Co-Founder and CEO of LawGeex. “Customers who waited weeks to get a simple contract approved in the past, can now complete the entire review and approval process in under 60 minutes. This means corporate counsel and legal teams can finally focus on the big picture instead of getting lost in the paperwork.”
The LawGeex Artificial Intelligence reviews incoming contracts, approving them if they match pre-defined criteria, or escalating them to the legal team if needed. Legal teams can define their criteria based on best practices, or create their own custom “playbooks”, outlining exactly what the platform should accept or reject in any contract.
By enforcing a single set of standards, LawGeex helps companies minimize legal risk and ensure compliance, while reducing legal bottlenecks and shortening contract turn-around time.
Rami Kasterstein, a seasoned VC and entrepreneur who joined the company’s board as representative of the investor group, commented: “The legal industry is lagging behind as one of the last industries to adopt digital automation. A large portion of lawyers are still using pens, paper, printers and faxes to do their job. Within 10 years the way legal professionals operate will be dramatically different. LawGeex is at the forefront of this disruption, using A.I. to deliver a practical solution to challenges faced by businesses today.”
LawGeex’s currently supports a wide range of standard business contracts, from NDAs to purchase orders and software licenses. The additional capital will be used to further advance LawGeex’s A.I. capabilities, enhance its SaaS offering, and continue building a world class team of engineers, data scientists and legal experts.
New LawGeex features introduced in recent months include:
Playbooks – customers can set rules and parameters which incoming contracts are reviewed against.
Editor – customers can edit contracts directly in the LawGeex report without having to move to a different platform, like MS Word.
Smart Standard – allows customers to check external comments on their own template contracts.
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