AI-Powered Contract Review Platform LawGeex Raises $12 Million in New Funding
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LawGeex, a company whose product uses artificial intelligence to help in-house legal teams automate the review and approval of everyday contracts, is today announcing the closing of a $12 million Series B funding round led by venture capital fund Aleph.
This investment brings the total funding for LawGeex to $21.5 million. In March 2017, LawGeex raised $7 million. Previous investors, including Lool Ventures, also participated in this round.
This news follows several recent investments in legal AI companies, including $10 million in Luminance in November, $8.7 million in ROSS in October, and $12 million in Casetext in March 2017.
“I think this is investment is now showing the market that this is no longer an emerging technology,” LawGeex vice president of marketing Shmuli Goldberg told me last week. “One of the things that we’ve seen so far is that the adoption of legal AI is already huge. We’ve seen some reports say over 60 percent of large businesses are using some form of legal AI. The market is no longer in an embryonic stage.”
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