SYS-CON MEDIA Authors: Yeshim Deniz, Elizabeth White, Pat Romanski, Liz McMillan, William Schmarzo

News Feed Item

Legal SaaS AI Platform LawGeex Raises $12 Million in New Funding

TEL AVIV, Israel, April 17, 2018 /PRNewswire/ --

LawGeex, the leader in Contract Review Automation for businesses, announced today that it closed a $12 million funding round led by venture capital fund, Aleph. The investment brings LawGeex total funding to date to $21.5 million. Previous investors, including Lool Ventures, also participated in this round.

The LawGeex SaaS platform is disrupting the $700 billion legal services market by using AI to remove the legal bottleneck of reviewing and approving everyday business contracts before signing.

"We help businesses run faster and better by automatically answering one simple question: 'Can I sign this?'", said Noory Bechor, co-founder and CEO of LawGeex. "Customers who once waited weeks to get a simple contract approved can now complete the entire review and approval process in under sixty minutes. Legal teams can finally focus on the big picture instead of getting lost in paperwork."

In February, LawGeex revealed that its AI bested top US lawyers for the first time in accurately spotting risks in everyday business contracts. The study, carried out in collaboration with top academics at leading universities, saw the LawGeex AI achieve an accuracy of 94 percent, while the lawyers achieved an average of 85 percent. It took 92 minutes for the lawyer participants to complete all five NDAs compared to only 26 seconds for the LawGeex AI.

Aleph, who led the round, has a track record in backing companies disrupting traditional industries. The team previously invested in Lemonade, CommonSense Robotics, and WeWork. Aleph partner, Eden Shochat, will be joining the company's board. The additional capital will be used by LawGeex to fortify its position as the category leader, deepen its product offering, and expand its US presence following the opening of its New York office earlier this year.

"After seeing little to no change over the last 400 years, the legal industry is undergoing profound upheaval," says Shochat, who previously founded face.com, the deep learning based face recognition startup bought by Facebook. "The recent explosion of LegalTech, with LawGeex leading the charge, will continue to expand exponentially. We believe the LawGeex approach of combining a pre-trained AI with the experience and knowledge of expert lawyers, is ultimately more powerful than either one alone."

About LawGeex:

LawGeex (http://www.lawgeex.com) is transforming legal operations. The LawGeex Artificial Intelligence solution helps in-house legal teams automate the review and approval of everyday contracts.

Founded in 2014 by international lawyer Noory Bechor and leading AI expert Ilan Admon, LawGeex enables businesses to remove the contract bottleneck, helping them focus on high value tasks instead of getting lost in paperwork.

LawGeex ensures the simple question 'Can I sign this?' doesn't slow down businesses, while improving accuracy, consistency and efficiency. Suitable for legal teams of any size, LawGeex has customers in over 15 countries, including eBay, Farmers Insurance, Natixis and Lifetime Fitness.

For more information, please visit http://www.lawgeex.com

About Aleph:

Aleph is an early stage venture capital fund with $344 million under management. Aleph partners with Israeli entrepreneurs to help scale them into large, meaningful companies and globally recognized brands. Aleph is an Equal Partnership of Eden Shochat, Michael Eisenberg, and Aaron Rosenson. Since its founding in 2013, the fund has invested in over 20 companies including WeWork, Nexar, Lemonade, Colu, Freightos, Windward, CommonSense Robotics, and HoneyBook.

Media Contact:
Jonathan Marciano
Communications Director
[email protected]
+972-586-135-342


SOURCE LawGeex

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Founded in 2002 and headquartered in Chicago, Nexum® takes a comprehensive approach to security. Nexum approaches business with one simple statement: “Do what’s right for the customer and success will follow.” Nexum helps you mitigate risks, protect your data, increase business continuity and meet your unique business objectives by: Detecting and preventing network threats, intrusions and disruptions Equipping you with the information, tools, training and resources you need to effectively m...
The Transparent Cloud-computing Consortium (T-Cloud) is a neutral organization for researching new computing models and business opportunities in IoT era. In his session, Ikuo Nakagawa, Co-Founder and Board Member at Transparent Cloud Computing Consortium, will introduce the big change toward the "connected-economy" in the digital age. He'll introduce and describe some leading-edge business cases from his original points of view, and discuss models & strategies in the connected-economy. Nowad...
Doug was appointed CEO of Big Switch in 2013 to lead the company on its mission to provide modern cloud and data center networking solutions capable of disrupting the stronghold by legacy vendors. Under his guidance, Big Switch has experienced 30+% average QoQ growth for the last 16 quarters; more than quadrupled headcount; successfully shifted to a software-only and subscription-based recurring revenue model; solidified key partnerships with Accton/Edgecore, Dell EMC, HPE, Nutanix, RedHat and V...
Having been in the web hosting industry since 2002, dhosting has gained a great deal of experience while working on a wide range of projects. This experience has enabled the company to develop our amazing new product, which they are now excited to present! Among dHosting's greatest achievements, they can include the development of their own hosting panel, the building of their fully redundant server system, and the creation of dhHosting's unique product, Dynamic Edge.
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve fu...
PCCW Global is a leading telecommunications provider, offering the latest voice and data solutions to multi-national enterprises and communication service providers. Our truly global coverage combined with local, on the ground knowledge has helped us build best in class connections across the globe; and especially in some of the remotest, hard-to-reach areas in exciting growth markets across Asia, Africa, Latin America and the Middle East.
NanoVMs is the only production ready unikernel infrastructure solution on the market today. Unikernels prevent server intrusions by isolating applications to one virtual machine with no users, no shells and no way to run other programs on them. Unikernels run faster and are lighter than even docker containers.
Public clouds dominate IT conversations but the next phase of cloud evolutions are "multi" hybrid cloud environments. The winners in the cloud services industry will be those organizations that understand how to leverage these technologies as complete service solutions for specific customer verticals. In turn, both business and IT actors throughout the enterprise will need to increase their engagement with multi-cloud deployments today while planning a technology strategy that will constitute a ...
CloudEXPO | DevOpsSUMMIT | DXWorldEXPO Silicon Valley 2019 will cover all of these tools, with the most comprehensive program and with 222 rockstar speakers throughout our industry presenting 22 Keynotes and General Sessions, 250 Breakout Sessions along 10 Tracks, as well as our signature Power Panels. Our Expo Floor will bring together the leading global 200 companies throughout the world of Cloud Computing, DevOps, IoT, Smart Cities, FinTech, Digital Transformation, and all they entail. As ...
Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understa...
CloudEXPO | DevOpsSUMMIT | DXWorldEXPO Silicon Valley 2019 will cover all of these tools, with the most comprehensive program and with 222 rockstar speakers throughout our industry presenting 22 Keynotes and General Sessions, 250 Breakout Sessions along 10 Tracks, as well as our signature Power Panels. Our Expo Floor will bring together the leading global 200 companies throughout the world of Cloud Computing, DevOps, IoT, Smart Cities, FinTech, Digital Transformation, and all they entail.
SUSE is a German-based, multinational, open-source software company that develops and sells Linux products to business customers. Founded in 1992, it was the first company to market Linux for the enterprise. Founded in 1992, SUSE is the world’s first provider of an Enterprise Linux distribution. Today, thousands of businesses worldwide rely on SUSE for their mission-critical computing and IT management needs.
Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throughout enterprises of all sizes. We are offering early bird savings...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Only Adobe gives everyone - from emerging artists to global brands - everything they need to design and deliver exceptional digital experiences. Adobe Systems Incorporated develops, markets, and supports computer software products and technologies. The Company's products allow users to express and use information across all print and electronic media. The Company's Digital Media segment provides tools and solutions that enable individuals, small and medium businesses and enterprises to cre...