Posted on March 7, 2017
What Our $7m funding means for LawGeex?
Today we announced our new $7 million funding round which was led by a group of top-tier investors, including Japanese-based HR and information services company, Recruit Holdings, the owner of Indeed.com. See our full press release here.
This funding is a vote of confidence for our vision of “Automating the Legal World”. We plan to use the funds to further advance our product and technology, strengthen both our management and overall team, while continuing to promote LawGeex to businesses in the US market.
This is also a good time to focus on the progress we have made and major milestones achieved in the last few months.
There are several highlights and successes I would like to point to:
As a company, we have refined our product offering, focusing on helping legal departments automate their contract review process and shorten contract approval turnaround time.
In the past few months we have closed major accounts with international brands, including leading U.S names in retail, finance and insurance.
We have also achieved major progress with our product, adding three killer features:
- Playbooks – customers can set rules and parameters which incoming contracts are reviewed against.
- Editor – customers can edit contracts directly in the LawGeex report without having to move to a different platform, like MS Word.
- Smart Standard – allows customers to check external comments on their own template contracts.
We have enhanced our powerful AI technology, trained by leading U.S lawyers, engineers and global AI experts, to provide accuracy and efficiency for everyday contract approvals.
The market has also been moving rapidly in our direction, with AI established as a major buzzword, and businesses and in-house counsel actively searching for AI legal solutions for their contract needs.
Finally, on both a personal and professional level, I must say that these are exciting times. The legal market is rapidly changing and we are positioned to take advantage of this opportunity by helping businesses enhance efficiency and slash time waiting for approval of contracts. Our clients already report 80% time saved reviewing and approving contracts and 90% cost savings on manual review. I’m excited to see what additional improvements the future holds.
As always, the LawGeex team and I will continue doing our best to make you proud.
Noory and the LawGeex Team
Noory Bechor CEO and Founder of LawGeex is a man on a mission: to revolutionize the legal world through innovative technology. Noory combines his entrepreneurial spirit and years of experience as an international commercial lawyer to help other lawyers #lovelegal again, making their work easy, efficient and impactful.