A leading AI-powered contract acceleration and intelligence platform has announced that it raised $17 million in Series A to fuel the expansion of its trusted contract review technology and help businesses accelerate growth by unlocking legal talent.
LexCheck wants to use fresh investments to build upon its industry-disrupting technology and accelerate the delivery of its product vision, with a focus on the customer experience.
The Series A round was led by Mayfield Fund.
LexCheck said in a statement that the additional funding comes at a significant period of growth and as the company tripled its customer base in the last year.
LexCheck has seen success with customers coming from across more than 14 different industries, including some of the world’s largest financial institutions, fastest-growing technology providers and top law firms.
“One of the biggest opportunities for businesses today is to minimize the inevitable friction caused by increased specialization and expectations to scale. The ability to accelerate revenue and actualize on business decisions typically delayed by prolonged negotiations is critical for businesses as they navigate today’s how-to-do-more-with-less economy,” said LexCheck CEO Gary Sangha.
Sangha said lawyers have the opportunity to lead the charge of expediting revenue generation and achieving ROI on enterprise spend, all while fulfilling their duty to appropriately mitigate enterprise risks. As a lawyer and entrepreneur himself, Sangha said he has experienced both sides of these countervailing interests, which is the very reason why he is so passionate in solving this problem.
With LexCheck, users are able to reduce the time that they spend on reviewing contracts by up to 90 percent and the time for contract execution by days.
LexCheck’s technology provides the following:
- A review of contracts while ensuring adherence to the business’s contracting standards.
- Near instantaneous redlines provide contextual comments, insertions, and deletions.
- Ease of implementation with small sample sets required to develop customized contract playbooks.
- The ability to scale contract review operations by empowering contract reviewers of varying levels of experience, while maintaining harmonious teams.
- Easy-to-use technology that requires minimal training and fits within existing workflows.
According to Rajeev Batra, a partner at Mayfield Fund, LexCheck is leveraging AI to accelerate efficient revenue growth for businesses while mitigating risks.
He said that while contract review and negotiations are often put squarely on the shoulders of the legal department, these remain very critical to the revenue and procurement teams in a company.
Batra said he is very thrilled to partner with Sangha and LexCheck as they empower companies to increase deal velocity with their AI-based contract review platform.
LexCheck is an industry leader in contract acceleration and intelligence platform. Its award-winning AI technology delivers on this promise by providing the highest quality revisions with the fastest turnaround time in the industry.
Organizations with LexCheck have been able to move their businesses forward so much faster.