LawGeex is transforming legal operations by automating the contract review and approval process.
As reported in Globes:
Israeli contract review platform for businesses LawGeex has announced the closing of a $7 million Series A financing round. The round was led by a group of high-profile investors including Japanese-based HR and information services company Recruit Holdings, the owner of Indeed.com. Previous investors Lool Ventures and LionBird also participated in this round, bringing LawGeex’s total funding to $9.5 million.
The LawGeex Artificial Intelligence reviews incoming contracts, approving them if they match pre-defined criteria, or escalating them to the legal team if needed. Legal teams can define their criteria based on best practices, or create their own custom “playbooks”, outlining exactly what the platform should accept or reject in any contract. By enforcing a single set of standards, LawGeex helps companies minimize legal risk and ensure compliance, while reducing legal bottlenecks and shortening contract turn-around time.
LawGeex currently supports a wide range of standard business contracts, from NDAs to purchase orders and software licenses. The additional capital will be used to further advance LawGeex’s AI capabilities, enhance its SaaS offering, and continue building a world class team of engineers, data scientists and legal experts.”
By introducing digital automation to the law industry, LawGeex can provide Australian firms and their clients with a smoother and more streamlined process. The entire review and approval process for a contract can be completed in 60 minutes.