Lexion, a contract management solution, has closed its seed round on $4.2m from Madrona Venture Group and Wilson Sonsini Goodrich & Rosati (WSGR).
The platform helps legal teams to automatically track their key contractual obligations, helping companies which need to monitor volumes of customer, vendor, and employee agreements. Lexion can collate all of a company’s contracts, automatically extract dozens of key terms, and establish an organised repository of agreements which can be filtered, sorted, and searched.
Lexion leverages a natural language processing engine which can trained to extract previously unseen clauses or new document types, ranging from insurance agreements to commercial real estate documents. The company designed the solution to focus on accelerated onboarding.
Finance and operation teams can utilise Lexion to better understand risk and tackle compliance
Lexion’s co-founder and CEO Gaurav Oberoi said, “Contract management is a pain point for every organization. Whether you manage 30 or 10,000 agreements, you still need to keep track of key obligations.
“Yet, the most common approach – searching through file folders, reading through hundreds of pages of legal text, tracking terms in spreadsheets, and manually emailing reminders – is not scalable for any organization and often results in missing critical obligations and opportunities, while draining significant management time and resources. We are excited to solve this problem with cutting-edge automation, packaged in an intuitive product.”
As part of the deal, WSGR corporate strategic innovation counsel David Wang will join the Lexion board of directors.
There have been a handful of contact management companies to close funding this month. Most notably was Icertis which bagged $115m in a Series E which boosted its company valuation to exceed $1bn.
The company uses AI to transform documents into digital assets which can be used more easily for compliance needs.
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