LawGeex, the leader in Contract Review Automation for businesses, announced today that it closed a $12 millionfunding round led by venture capital fund, Aleph. The investment brings LawGeex total funding to date to $21.5 million. Previous investors, including Lool Ventures, also participated in this round.
The LawGeex SaaS platform is disrupting the $700 billion legal services market by using AI to remove the legal bottleneck of reviewing and approving everyday business contracts before signing.
“We help businesses run faster and better by automatically answering one simple question: ‘Can I sign this?'”, said Noory Bechor, co-founder and CEO of LawGeex. “Customers who once waited weeks to get a simple contract approved can now complete the entire review and approval process in under sixty minutes. Legal teams can finally focus on the big picture instead of getting lost in paperwork.”
In February, LawGeex revealed that its AI bested top US lawyers for the first time in accurately spotting risks in everyday business contracts. The study, carried out in collaboration with top academics at leading universities, saw the LawGeex AI achieve an accuracy of 94 percent, while the lawyers achieved an average of 85 percent. It took 92 minutes for the lawyer participants to complete all five NDAs compared to only 26 seconds for the LawGeex AI.
Aleph, who led the round, has a track record in backing companies disrupting traditional industries. The team previously invested in Lemonade, CommonSense Robotics, and WeWork. Aleph partner, Eden Shochat, will be joining the company’s board. The additional capital will be used by LawGeex to fortify its position as the category leader, deepen its product offering, and expand its US presence following the opening of its New York office earlier this year.
“After seeing little to no change over the last 400 years, the legal industry is undergoing profound upheaval,” says Eden Shochat, who previously founded face.com, the deep learning based face recognition startup bought by Facebook. “The recent explosion of LegalTech, with LawGeex leading the charge, will continue to expand exponentially. We believe the LawGeex approach of combining a pre-trained AI with the experience and knowledge of expert lawyers, is ultimately more powerful than either one alone.”