Lexion, an AI-powered contract management system for mid-market corporations that emerged out of the Allen Institute for AI, the AI research institute created by Microsoft cofounder Paul Allen, said today that it has raised $20 million in Series B funding, bringing its total amount raised to more than $35 million.
This latest funding round was led by Point72 Ventures, with participation from Citi Ventures, and existing Lexion investors Khosla Ventures (whose portfolio includes OpenAI, developer of GPT-4), Madrona Venture Group and law firm Wilson Sonsini.
Lexion said the money will be used to further enhance its core platform and AI capabilities with the goal of helping companies close deals faster.
“Lexion is all about helping every team do more business, faster,” said Gaurav Oberoi, CEO. “We’ve proven how award-winning AI and no-code automation can accelerate legal tasks, but we’ve also seen other divisions adopting the software. Now we’re accelerating sales cycles, vendor agreements, security reviews, RFPs, and even employment offers for departments where legal is not directly involved.
Oberoi developed Lexion while he was the first entrepreneur-in-residence at the Allen Institute, together with cofounders Emad Elwany, now CTO, and James Baird, senior software engineer.
(Pictured above are Elwany, Oberoi and Jessica Nguyen, chief legal officer.)
The company says it experienced dramatic growth last year, tripling its revenue for the third year in a row and expanding its customer base to include hundreds of corporate clients from various industries, including B2B technology, healthcare, consumer goods, manufacturing, and gaming.
In conjunction with the investment, Sri Chandrasekar, managing partner at Point72 Ventures, is joining Lexion’s board.
“Lexion’s investment in AI, paired with the team’s technical, product, and operations expertise, positions the company well for broader adoption and cross-departmental expansion,” he said. “We’re excited to support the team as they continue to innovate in the operations space.”