LexCheck, the leading AI-powered contract acceleration, and intelligence platform announced today that it has raised $17 million in Series A funding led by Mayfield Fund. The funding will fuel the expansion of LexCheck’s proven contract verification technology as it helps companies accelerate growth by unleashing legal talent.
This financing follows a significant period of growth for LexCheck. The company has tripled its customer base in the last year. LexCheck has had success with clients across more than 14 different industries, including some of the world’s largest financial institutions, fastest-growing technology providers, and leading law firms.
“One of the greatest opportunities for businesses today is to minimize the inevitable frictions caused by increasing specialization and expectations of scale. The ability to accelerate revenue and execute business decisions that are typically delayed by lengthy negotiations is critical for companies moving through today’s ways of doing things – doing more with less economics,” said Gary Sangha, CEO of LexCheck “Attorneys have an opportunity to embrace the task of accelerating revenue generation and realizing ROI on corporate spend, while fulfilling their duty to adequately mitigate corporate risk. As a lawyer and entrepreneur, I have seen both sides of these conflicting interests, namely, why I am passionate about solving this problem.”
LexCheck users reduce contract review time by up to 90% and time to contract execution, often by days. Its technology delivers:
A considered review of contracts while ensuring compliance with company contracting standards.
Near-instantaneous redlines provide contextual comments, insertions, and deletions.
Easy to implement with small sample sets required to develop custom 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 into existing workflows.
“LexCheck uses AI to accelerate efficient revenue growth for businesses while mitigating risk,” said Rajeev Batra, Partner at Mayfield Fund. “While contract review and negotiation is often placed squarely on the shoulders of the legal department, it is critical to an organization’s revenue and procurement teams. We’re excited to partner with Gary and LexCheck as they enable organizations to increase the speed of business with their AI-based contract verification platform.”
“With LexCheck, our attorneys and contract analysts no longer have to spend their time inserting standard contract amendments, can focus on more substantive issues unique to each negotiation, and can turn contracts around much more quickly,” said Adam Pressman, Associate General Counsel at Bio – Wheel Laboratories. “The LexCheck team has been fantastic and is uniquely committed to working closely with us to provide the best product for our specific needs.”
