LexCheck Raises a $5 Million Round Reflecting its Success in Transforming How Businesses Review and Negotiate Contracts
LexCheck's award-winning Artificial Intelligence (AI) powered contract negotiation platform is transforming contract negotiations for many of the world's largest enterprises.
NEW YORK, MARCH 24, 2022 -- LexCheck the leading AI-powered contract negotiation platform, has raised an additional $5 million of funding, led by Ulu Ventures and including participation from Kli Capital and Howard Morgan among other distinguished investors. The additional funding is being used to further fuel LexCheck’s impressive growth as a trusted solution in the legal technology sector.
“Rapid growth and traction within our customer base are evidence that LexCheck has found a strong fit addressing the needs of large enterprises,'' said Gary Sangha, founder and CEO of LexCheck and serial entrepreneur. “We expect our momentum in the space will only grow as enterprise software, and legal technology specifically, become increasingly critical to all organizations.”
LexCheck delivers nearly instantaneous attorney-quality negotiation of contracts ranging from NDAs to procurement and sales agreements to complex investment and acquisition agreements. LexCheck’s award-winning and proprietary AI technology can be tailored to a client’s specific needs with minimal training data, while also accounting for business context. Once deployed, LexCheck provides issues lists or revisions to contract language within minutes of uploads, reducing the amount of time attorneys spend reviewing contracts by over 90%.
“Time-based competition in business is nothing new. Legal contracting as a source of comparative advantage in business is a feat few legal departments achieve,” says Miriam Rivera, Ulu Ventures CEO and formerly Google’s first VP/Deputy General Counsel. “LexCheck technology speeds legal review by leveraging the limited time and high cost of talented attorneys to close deals and revenue in record time.”
LexCheck plans to continue the rapid growth it experienced in 2021, during which the New York-based company opened new offices in London and Melbourne and increased staff headcount by 3x.
LexCheck CEO, Gary Sangha
LexCheck is the world’s most effective AI-based contract negotiation solution transforming how businesses review and negotiate contracts. LexCheck’s award-winning and groundbreaking technology delivers the highest quality contract revisions and issues lists with the fastest turnaround times in the industry. LexCheck experienced 4x growth during the course of 2021 and its clientele now includes Fortune Global 500 companies and top law firms.
About Ulu Ventures
Ulu Ventures is a top seed stage venture fund in Silicon Valley focused on enterprise IT startups. Ulu generates great financial results using decision analysis to create a disciplined, repeatable decision-making process that analyzes risk-reward trade-offs and also reduces cognitive bias. The majority of Ulu portfolio companies are founded by diverse teams that include women, minority, URM and/or immigrant founders. Ulu is dedicated to increasing diversity in the entrepreneurial and investment communities.