WHY THIS MATTERS IN BRIEF
- The world is changing and the legal profession is by no means immune, but in many cases it is start ups and entrepreneurs who are challenging the status quo
Over the past few months I’ve been highlighting how the world of law, from the way contracts are processed to even the judges themselves, has been changing as companies as varied as Dentons, the world’s largest law firm, robo-lawyer bot DoNotPay, robo-lawyer firm ROSS Intelligence and JPMorgan Chase use artificial intelligence (AI), automation and bots to disrupt the status quo and start the process of democratising law.
One of the other companies I discussed was an Israeli based company called LawGeex whose ambition is to automate the entire legal world and Jonathan their Director of Communications got in touch with me to share the following press release, and highlight the fact they’ve now secured their next funding round.
As regulars to this site know, the world is changing, and money helps it change faster… all the best to the LawGeex team, congratulations on your funding round and good luck democratising law.
Legal SaaS A.I. platform LawGeex raises $7 million in funding round
TEL AVIV, ISRAEL, March 7, 2017: LawGeex, the leading A.I. contract review platform for businesses, has today announced the closing of a $7 million Series A funding round. The round was led by a group consisting 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.
“LawGeex is transforming everyday legal operations by automating the contract review and approval process. We help businesses run faster and smoother by removing the legal bottleneck,” said Noory Bechor, Co-Founder and CEO of LawGeex. “Customers who waited weeks to get a simple contract approved in the past, can now complete the entire review and approval process in under 60 minutes. This means corporate counsel and legal teams can finally focus on the big picture instead of getting lost in the paperwork.”
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.
Rami Kasterstein, a seasoned VC and entrepreneur who joined the company’s board as representative of the investor group, commented: “The legal industry is lagging behind as one of the last industries to adopt digital automation. A large portion of lawyers are still using pens, paper, printers and faxes to do their job. Within 10 years the way legal professionals operate will be dramatically different. LawGeex is at the forefront of this disruption, using A.I. to deliver a practical solution to challenges faced by businesses today.”
LawGeex’s 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 A.I. capabilities, enhance its SaaS offering, and continue building a world class team of engineers, data scientists and legal experts.
LawGeex (www.lawgeex.com) is transforming legal operations using artificial intelligence, and helping businesses save hundreds of hours and thousands of dollars reviewing and approving everyday contracts.
Founded in 2014 by international lawyer Noory Bechor and leading AI expert Ilan Admon, LawGeex enables businesses to automate their contract approval process, improving consistency, operational efficiency and getting business moving faster.
LawGeex combines machine learning algorithms, text analytics and the knowledge of expert lawyers to deliver in-depth contract reviews using the legal team’s pre-defined criteria. LawGeex removes the legal bottleneck, helping customers and their legal teams focus on the big picture without getting lost in the paperwork. For more information, please visit www.lawgeex.com or tweet us @lawgeex_.