The human arsenal, as we know, has always been on the loaded side, but if we are being honest, it has still never possessed anything more valuable than that tendency of ours to grow on a consistent basis. This is because the stated tendency, in particular, has done a lot to push us towards some huge milestones, with technology appearing as a rather unique member of the group. The main reason why technology’s credentials are so anomalous is based on its skill-set, which was unprecedented enough to realize all the possibilities for us that nobody could have ever imagined otherwise. Nevertheless, a closer look should reveal how the whole runner was also very much inspired by the way we applied those skills across a real-world environment. The latter component was, in fact what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, as we discovered, will go on to scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow continue to bring all the right goods to the table. The same has turned increasingly evident in recent times, and truth be told, a new piece of funding will only make that trend bigger and better moving forward.
LexCheck, the leading AI-powered contract acceleration and intelligence platform, has successfully secured over $17 million in Series A financing. The round, which was reportedly led by Mayfield Capital, will aid the company’s bid to expand its contract review technology, something it will do through significant investments across areas like R&D, sales, and marketing. Founded in 2015, LexCheck started out with an intention to automate the whole contracting process and make operations more efficient than they have ever been before. To achieve this bit of a lofty ambition, the company created a platform, which uses artificial intelligence and natural language processing for the purpose of negotiating and editing contracts. Not only that, but LexCheck’s technology also standardizes the negotiations, as it provides companies with digital playbooks that automate contract reviews by delivering redlines (i.e. edits), comments, insertions and deletions, and automatically escalating deviations from “playbook-preferred” positions.
“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.”
Make no mistake; LexCheck isn’t the only company pursuing such a goal. The likes of BlackBoiler, LawGeex, LegalOn, ThoughtRiver, Luminance, and Ontra are also functioning within a similar niche, but according to Sangha, LexCheck’s solution can be implemented far more quickly, while needing only a small sample set of contract redlines to train its AI for custom playbooks. Furthermore, it is designed in a way that makes it suitable for a seamless integration with your existing contract lifecycle management solutions.
The funding in question provides an interesting follow-up to LexCheck’s recent growth spurt. The company has literally tripled its clientele in the last year. At the moment, LexCheck is serving customers across 14 different industries including some of the world’s largest financial institutions, fastest-growing technology providers, and top law firms.