LexCheck, the leading AI-powered contract negotiation platform, has raised an additional $5 million of funding, led by Ulu Ventures and including participation from Kli Capital and Howard Morgan among other distinguished investors. The additional funding is being used to further fuel LexCheck’s impressive growth as a trusted solution in the legal technology sector.
“Rapid growth and traction within our customer base are evidence that LexCheck has found a strong fit addressing the needs of large enterprises,” said Gary Sangha, founder and CEO of LexCheck and serial entrepreneur. “We expect our momentum in the space will only grow as enterprise software, and legal technology specifically, becomes increasingly critical to all organizations.”
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LexCheck delivers nearly instantaneous attorney-quality negotiation of contracts ranging from NDAs to procurement and sales agreements to complex investment and acquisition agreements. LexCheck’s award-winning and proprietary AI technology can be tailored to a client’s specific needs with minimal training data, while also accounting for business context. Once deployed, LexCheck provides issues lists or revisions to contract language within minutes of uploads, reducing the amount of time attorneys spend reviewing contracts by over 90%.
“Time-based competition in business is nothing new. Legal contracting as a source of comparative advantage in business is a feat few legal departments achieve,” says Miriam Rivera, Ulu Ventures CEO and formerly Google’s first VP/Deputy General Counsel. “LexCheck technology speeds legal review by leveraging the limited time and high cost of talented attorneys to close deals and revenue in record time.”
LexCheck plans to continue the rapid growth it experienced in 2021, during which the New York-based company opened new offices in London and Melbourne and increased staff headcount by 3x.