Seattle-headquartered contract management vendor Lexion has raised a $20m Series B funding round led by Point72 Ventures, with participation from Citi Ventures, and existing investors Khosla Ventures, Madrona Venture Group, and US law firm Wilson Sonsini. This latest investment brings the total amount raised to more than $35m.
Originally developed at the Paul Allen Institute for Artificial Intelligence as a contract management system for lawyers, Lexion’s artificial intelligence and automation capabilities have accelerated legal work and streamlined processes across multiple disciplines, including sales, procurement, finance, and technology.
Sri Chandrasekar, managing partner at Point72 Ventures, will be joining Lexion’s board and supporting its ambition to expand into a horizontal operations workflow solution: “Lexion’s investment in AI, paired with the team’s technical, product, and operations expertise, positions the company well for broader adoption and cross-departmental expansion.”
Gaurav Oberoi, CEO of Lexion, said: “Lexion is all about helping every team do more business, faster. We’ve proven how award-winning AI and no-code automation can accelerate legal tasks, but we’ve also seen other divisions adopting the software. Now we’re accelerating sales cycles, vendor agreements, security reviews, RFPs, and even employment offers for departments where legal is not directly involved.”
In 2022, Lexion says it tripled its revenue for the third year in a row. Its last funding round was in 2021, when it raised $11m Series A. In December last year it unveiled AI Contract Assist – a GPT-3 based contract drafting tool. See below for more on those news stories.