Most recently, the startup raised $7 million in its Series A in March 2017. Prior to that capital event, the company raised $2.5 million in a venture round led by lool ventures, which also participated in its latest round. Today’s funding event brings its aggregate funds raised to $21.5 million.
Founded in 2014 by an international lawyer and a machine learning expert, the Israeli SaaS company aims to streamline in-house legal contract approval with its cloud-based, AI-powered review tool.
According to its site, the software reads incoming contracts based on individual companies’ legal policies which are uploaded to the system and redefined by the company’s legal experts. The program can sift through the entire document, looking for specific clauses that match a company’s legal criteria. Documents that do not align with policies are flagged and sent through the workflow to be approved by the legal team. Members of the team can then view questionable or missing clauses and edit within the platform.
“Customers who once waited weeks to get a simple contract approved can now complete the entire review and approval process in under sixty minutes,” CEO Noory Bechor said in the company announcement.
LawGeex’s VP of Marketing Shmuli Goldberg told Crunchbase News that the company is at a little under 100 customers including eBay and Farmers Insurance. With its fresh funds, LawGeex plans to increase recruitment and expand its U.S. presence following the opening of a New York office this year.
LawGeex also plans to improve the depth and breadth of its AI by increasing the number of contracts it supports and what the AI can search for within those contracts.
This funding round comes as the legal tech world boosted fundraising last quarter. Crunchbase News found that legal tech startups had raised just $1.25 million in Q1 2017, compared to over $49 million in just the first month of 2018. The round is also indicative of the increased focus on AI-powered tools across industries which are redefining work at a basic level. In any case, individuals in the legal field are probably happy to benefit from this trend.