LexCheck Raises Another $17M To Use AI To Automate Contract Review Process – AlleyWatch

The process of preparing a contract and producing a final signed document can take hours for simple contracts, but can take weeks to several minutes for more complex contracts, depending on the needs of each party. It may take months. Legal claims usually arise throughout the process. Technologies that optimize contract management are emerging to streamline the experience. rex check is an AI-powered contract review platform for legal teams. Based on a series of industry and corporate playbooks that benchmark against precedent, the platform can automate the first pass of the contract review process, reducing turnaround time and lowering costs. For nascent or custom disciplines/industries where the platform has no prior experience, the user can upload 25-50 samples that can be used to train his AI. Last year, LexCheck tripled its customer base and worked with leading law firms, financial institutions, and other partners in 14 industries to free up resources while leveraging the platform to accelerate commerce. succeeded in doing

alley watch Catch up with LexCheck’s CEO and Founder Gary Sanga To learn more about the business, the company’s strategic plans, the latest funding round that brings the total raised to $22 million, and more…

Who are your investors and how much did you raise?

Raised a $17 million Series A. Mayfield Foundation.

What products or services does LexCheck offer?
LexCheck uses artificial intelligence, such as natural language processing (NLP), to help legal teams accelerate the most tedious parts of contract management: reviewing, editing, and negotiating contracts.

In addition to legal experts, LexCheck can help sales and procurement leaders move deals faster by standardizing the contract negotiation process. This gives more autonomy to other areas of the business without compromising quality or introducing risk.

LexCheck delivers on this promise by providing organizations with digital playbooks that are based on industry best practices or customized to each company’s contractual standards. Any position in minutes. These industry-standard playbooks are ready to use. If you need a custom playbook, LexCheck only needs 24-50 sample documents to train the AI, while other features may require hundreds, if not thousands.

What inspired you to start LexCheck?

As a lawyer and entrepreneur, I have experienced firsthand the complexity, heavy workload, time constraints, and delays that lengthy contract negotiations can cause that corporate legal teams face. To address these challenges and minimize friction, we launched LexCheck.

How is LexCheck different?

LexCheck was built by practicing lawyers alongside linguists and software engineers, so our solution works the way lawyers need it.

Additionally, LexCheck’s technology requires only a small sample set of 24-50, making it quick and easy to implement. Other solutions often require hundreds to develop customized contract playbooks and require minimal end-user training.

What is LexCheck’s target market and size?

All kinds of businesses rely on contracts. LexCheck has helped organizations in over 14 industries, including the world’s largest financial institutions, fast-growing technology providers and leading law firms. Accelerate revenue and enable business decisions typically delayed by lengthy contract negotiations. The platform is useful not only for legal teams, but also for sales and procurement leaders.

what is your business model?

LexCheck is a SaaS solution that does not require additional outsourcing to legal professionals. We provide organizations with digital playbooks that are based on industry best practices or customized to each company’s contractual standards. Digital playbooks automate first-time contract reviews by providing redlining, comments, contextual insertions and deletions, and automatically escalating deviations from playbook-preferred positions in minutes .

How are you preparing for a potential economic slowdown?

Over the past few years, LexCheck has seen significant growth, including a $3 million seed round and tripling of its customer base. Today’s macroeconomic challenges are forcing companies to do more with less. Our products help companies do this by speeding up key business processes such as the time spent reviewing contracts and the time it takes to execute contracts.

What was the fundraising process like?

Funding for the legal tech sector has slowed in recent quarters, so we appreciate the smooth process. Mayfield quickly realized the value LexCheck could bring not only to the legal team, but to the entire company.

What was the biggest challenge you faced in raising capital?

The economic environment is tough for legal tech companies to raise capital, and as reported by Law360, few legal tech startups successfully raised funding in the third and fourth quarters of this year.

What factors in your business are driving investors to write you checks?

Last year’s success with our customer base made it clear that there is product-market fit. Our investors recognize the value LexCheck brings not just to legal teams, but to the business as a whole. As companies grapple with today’s macroeconomic challenges, they need solutions like LexCheck that can accelerate key business processes.

Last year’s success with our customer base made it clear that there is product-market fit. Our investors recognize the value LexCheck brings not just to legal teams, but to the business as a whole. As companies grapple with today’s macroeconomic challenges, they need solutions like LexCheck that can accelerate key business processes.

What milestones do you plan to achieve in the next six months?

We look forward to using this funding to continue building out our technology and accelerating our delivery of our product vision while continuing to focus on the customer experience. Exciting things are just around the corner!

What advice can you give to New York companies that haven’t injected fresh capital into their banks?

Focus on building a good business. When you focus on customer success and customer service, great things happen.

Where do you see the company going now in the near future?

2023 will be the breakout year for AI in legal affairs. With the legal industry facing the challenge of high turnover and turnover rates, lawyers will turn to solutions like her LexCheck for help.

What is your favorite restaurant in the city?

Don Angie!

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