LawGeex, which is using AI to help in-house legal teams automate the review and approval of contracts, has raised $12m in funding.
The funding was led venture capital fund, Aleph, and brings LawGeex’s total funding to date to $21.5m. Previous investors, including Lool Ventures, also participated in the funding.
Based in Tel Aviv, Israel, LawGeex’s SaaS platform is looking to disrupt the $700bn legal services market by using AI to remove the legal bottleneck of reviewing and approving everyday business contracts before signing. Through a survey completed this year, the company proven its technology is faster and more accurate than US lawyers.
Its study, carried out in collaboration with top academics at leading universities, saw the LawGeex AI achieve an accuracy of 94%, while the lawyers achieved an average of 85%. It took 92 minutes for the lawyer participants to complete all five NDAs compared to only 26 seconds for the LawGeex AI.
“We help businesses run faster and better by automatically answering one simple question: ‘Can I sign this?’”, said Noory Bechor, co-founder and CEO of LawGeex. “Customers who once waited weeks to get a simple contract approved can now complete the entire review and approval process in under sixty minutes. Legal teams can finally focus on the big picture instead of getting lost in paperwork.”
As part of the funding, Aleph partner, Eden Shochat, will be joining the company’s board. The new capital will be used by LawGeex deepen its product offering and expand its US presence following the opening of its New York office earlier this year.
“After seeing little to no change over the last 400 years, the legal industry is undergoing profound upheaval,” says Shochat. “The recent explosion of LegalTech, with LawGeex leading the charge, will continue to expand exponentially.”
The company was founded in 2014, by international lawyer Noory Bechor and leading A.I. expert Ilan Admon. It claims its product is ‘suitable for legal teams of any size’, with has customers in over 15 countries, including eBay, Farmers Insurance, Natixis and Lifetime Fitness. Its platform and infrastructure are ISO/IEC 27001 certified.
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