AI Start-Up LexCheck Raises $3 Million Series Seed Investment
LexCheck's Artificial Intelligence (AI) powered contract negotiation platform is transforming contract negotiations for many of the world's largest enterprises.
NEW YORK, May 12, 2020 /PRNewswire/ -- LexCheck, an artificial intelligence (AI) and legal technology platform based in New York City, has completed a $3 million Series Seed round of financing. Bootstrapped since its founding in 2015, this is LexCheck's first venture round. The round was led by Kli Capital (formerly known as BNSG Capital) and included Howard Morgan (retired co-founder of First Round Capital) and Vivek Garipalli (co-founder and CEO of Clover Health), among other distinguished investors.
LexCheck CEO Gary Sangha
"Despite the instability of the current economic climate, LexCheck continues to grow and solidify itself as a force in the legal technology sector and the enterprise software space generally," said Shmuel Gniwisch, co-founder of Kli Capital. "Kli Capital believes that LexCheck's growth will accelerate rapidly due to the changing needs of large enterprises attempting to overcome the obstacles presented by this global health crisis."
Led by serial entrepreneur Gurinder "Gary" Sangha (founder and CEO), who also participated in the round, LexCheck applies AI technology to help their customers, including leading Fortune 500 companies, accelerate and automate contract negotiations. This investment will enable LexCheck to further capitalize on its position as a leader in technology-assisted contract review in the United States and internationally by serving the growing needs of prominent legal departments for well-executed innovation.
Key benefits of the LexCheck platform include:
- Speeding up sales cycles
- Fewer drafting errors and oversights
- Reduced negotiation time and costs
"Successfully challenging the status quo and creating legal technologies that transform organizations have been the driving principles over the course of my career and remain our core tenets at LexCheck," said Gary Sangha. "With the help of our investors, we can accelerate our work and transform this sector even more swiftly and comprehensively."
LexCheck is transforming the way corporate legal works by employing AI to entirely automate the process of an in-house attorney’s review of common contract agreements. Employing state-of-the-art AI technology, LexCheck can completely replace the need for human review of commonly executed agreements. LexCheck does not just negotiate an agreement as an experienced attorney would; LexCheck negotiates an agreement the same way a given company’s in-house attorney would, adhering to the company’s own internal negotiation playbook and best practices. LexCheck is the world’s most effective AI-based contract negotiation solution, delivered by qualified legal professionals who work closely with their clients to incorporate the client’s own unique negotiating positions into the LexCheck AI. For more information, visit www.LexCheck.com.
About Kli Capital
Formerly known as BNSG Capital, Kli Capital is a firm focused on investing in fearless entrepreneurs who are looking for more than just capital. Started by former founders and business operators, Kli Capital was established with the goal of leveraging operational experience and an existing network to identify, invest, and support future industry leaders.