Citing rapid growth over the past year, LexCheck, a company whose platform provides AI-powered contract review and negotiation, has raised $17 million in Series A funding, on top of $8 million in seed funding it had previously raised.
The funding was led by the global venture capital firm Mayfield Fund. The company said it will use the funding to fuel and accelerate further development of its contract review technology, with a focus on customer experience.
The company said that the funding comes after a year of significant growth, during which it has tripled its customer base. Its customers span 14 industries and include some of the world’s largest financial institutions, major technology providers and top law firms.
Read about LexCheck on the LawNext Legal Tech Directory.
“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 Gary Sangha, CEO of LexCheck.
“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 risk. As a lawyer and entrepreneur, I’ve experienced both sides of these countervailing interests, which is why I’m passionate about solving this problem.”
“LexCheck is leveraging AI to accelerate efficient revenue growth for businesses while mitigating risk,” said Rajeev Batra, partner at Mayfield Fund. “While contract review and negotiations are often put squarely on the shoulders of the legal department, they are critical to the revenue and procurement teams in a company. We are thrilled to partner with Gary and LexCheck as they empower companies to increase deal velocity with their AI-based contract review platform.”
Sangha founded LexCheck in 2015, originally under the name LitIQ. He previously founded Intelligize, a securities compliance platform that was acquired by LexisNexis in 2016. Prior to Intelligize, Sangha practiced securities law at Shearman & Sterling and White & Case.
LexCheck says its key features include:
- A considered 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.
- An easy-to-use technology that requires minimal training and fits within existing workflows.
Adam Pressman, associate general counsel at Bio-Rad Laboratories and a LexCheck customer, said, “With LexCheck, our lawyers and contract analysts no longer have to spend their time inserting standard contract changes, can focus on more substantive issues unique to each negotiation and can turn contracts around much faster. The team at LexCheck has been fantastic and are uniquely dedicated to collaborating closely with us to provide the best product for our specific needs.”