LawGeex has closed a capital raising of US$12 million. The startup was founded in 2014 and has so far raised US$21.5 million (equivalent of around A$28m). Based in Tel Aviv and New York, LawGeex describes the problem that it is trying to solve as:
Businesses rely on their in-house legal counsel to review and approve contracts quickly, to close deals faster and keep business running efficiently.
Legal counsel are often overwhelmed with work, and reviewing everyday contracts is a time intensive and mundane task, taking legal focus away from more strategic matters and creating a legal bottleneck.
Legal, Operations and Sales have all recognised that these issues are costing time, money and employee morale.
LawGeex employs the latest in Artificial Intelligence, machine learning, text analysis and natural language processing to review and understand legal documents.
Our easy to use, cloud-based platform enables our customers to automate the review of contracts, analyze their contents and compare them to their legal team’s predefined criteria or to industry benchmarks.