LexCheck announced today (14 December) that it has raised $17M in Series A funding led by Mayfield Fund. The funding, which will fuel the expansion of LexCheck’s contract review technology, comes on the heels of a significant period of growth for the New York-headquartered company, which has tripled its customer base in the last year. LexCheck says that it has seen success with customers across more than 14 different industries, including some of the world’s largest financial institutions, fastest-growing technology providers and top law firms.
“One of the biggest opportunities for businesses today is to minimize the inevitable friction caused by increased specialization and expectations to scale. The ability to accelerate revenue and actualize on business decisions typically delayed by prolonged negotiations is critical for businesses as they navigate today’s how-to-do-more-with-less economy,” said Gary Sangha, CEO of LexCheck. “Lawyers have the opportunity to lead the charge of expediting revenue generation and achieving ROI on enterprise spend, all while fulfilling their duty to appropriately mitigate enterprise risk. As a lawyer and entrepreneur, I’ve experienced both sides of these countervailing interests, which is why I’m passionate about solving this problem.”
LexCheck says that its users are reducing time spent reviewing contracts by up to 90% and time to contract execution, oftentimes by days.
“With LexCheck, our lawyers and contract analysts no longer have to spend their time inserting standard contract changes, can focus on more substantive issues unique to each negotiation and can turn contracts around much faster,” said Adam Pressman, associate general counsel at Bio-Rad Laboratories. “The team at LexCheck has been fantastic and are uniquely dedicated to collaborating closely with us to provide the best product for our specific needs.”
