LexCheck, a leading AI-powered contract acceleration and intelligence platform, announced it has raised $17M in Series A funding led by Mayfield Fund. The funding will fuel the expansion of LexCheck’s contract review technology as it helps businesses accelerate growth by unlocking legal talent.
This funding comes on the heels of a significant period of growth for LexCheck. The company has tripled its customer base in the last year. LexCheck has seen success with customers across more than 14 different industries, including some of the world’s largest financial institutions, fastest-growing technology providers and top law firms.
“One of the biggest opportunities for businesses today is to minimize the inevitable friction caused by increased specialization and expectations to scale. 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.”
According to LexCheck, its users are reducing time spent reviewing contracts by up to 90% and time to contract execution, oftentimes by days. Its technology delivers:
- 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.
“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.”
“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,” said Adam Pressman, Associate General Counsel at Bio-Rad Laboratories. “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.”
LexCheck will use this latest funding to build upon its technology and accelerate the delivery of its product vision, with a focus on the customer experience.