Lexcheck Raises $17M To Automate Common Contracting Processes

Dec 14, 2022•almost 3 years ago

Amount Raised

$17 Million

New YorkPrivacy And SecurityProfessional ServicesInformation TechnologySoftwareEducation

Investors

Mayfield Fund

Description

VCs continue to bet big on legal tech. According to Crunchbase, firms have invested over $1 billion in legal tech companies, an uptick from the $512 million invested last year. Contract management vendors have benefitted in particular as contracting workloads increase; contracting teams at large organizations now manage an average of 19,000 contracts a year while the busiest organizations manage more than 50,000, according to a 2021 EY survey.

Company Information

Company

LexCheck

Location

New York, United States

About

LexCheck frees legal teams to bring strategic value to the business by simplifying and accelerating commercial contracting processes. LexCheck delivers on this promise by creating digital playbooks—based on industry best practices or bespoke to each company’s contracting standards—that automate first-pass contract reviews by delivering redlines, comments, contextual insertions and deletions, and automatically escalating deviations against playbook preferred positions in minutes.

Related People

Funding Insights

Based on industry data

VC-backed spending patterns

VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

Tech investment trends