Lexion, a Seattle, WA-based legal tech startup that provides an AI-powered contract management and operations workflow platform, announced that it raised $20 million in Series B funding.
The round was led by Point72 Ventures, with participation from Citi Ventures and existing investors Khosla Ventures, Madrona Venture Group, and Wilson Sonsini.
This latest investment brings the total raised to more than $35 million, allowing the company to further enhance Lexion's core platform and AI capabilities to help every department close deal faster.
With this latest round of funding, Lexion is poised to transform not only the legal department but the entire operational landscape for companies of all sizes and industries.
Gaurav Oberoi, CEO of Lexion, explains how the new funding will be used to accelerate Lexion's AI landscape: "Lexion is all about helping every team do more business, faster. We’ve proven how award-winning AI and no-code automation can accelerate legal tasks, but we've also seen other divisions adopting the software. Now we're accelerating sales cycles, vendor agreements, security reviews, RFPs, and even employment offers for departments where legal is not directly involved."
Originally developed at the Paul Allen Institute for Artificial Intelligence as a contract management system for lawyers, Lexion’s artificial intelligence and automation capabilities have accelerated legal work and streamlined processes across multiple disciplines, including sales, procurement, finance, and technology.
Company: DocuSmart Inc.
Raised: $20.0M
Round: Series B
Funding Month: April 2023
Lead Investors: Point72 Ventures
Additional Investors: Citi Ventures, Khosla Ventures, Madrona Venture Group, and Wilson Sonsini
Company Website: https://www.lexion.ai/
Software Category: Contract Management Software
About the Company: Founded by Gaurav Oberoi, Emad Elwany, and Jessica Nguyen, Lexion is an AI-powered contract management and operations workflow platform that helps every team do more, faster, by streamlining and centralizing the contracting process in a system that works the way you do. The company leverages AI for streamlining contract setup, execution, and long-term management. Lexion is trusted by brands such as Outreach, OfferUp, Blue Nile, and many more.
Source: https://newsdirect.com/news/lexion-raises-20m-series-b-expands-ai-powered-contract-management-solution-to-broader-user-base-548946452