Lexion, an AI-powered contract administration system for mid-market companies that emerged out of the Allen Institute for AI, the AI analysis institute created by Microsoft cofounder Paul Allen, mentioned right this moment that it has raised $20 million in Sequence B funding, bringing its complete quantity raised to greater than $35 million.
This newest funding spherical was led by Point72 Ventures, with participation from Citi Ventures, and current Lexion traders Khosla Ventures (whose portfolio consists of OpenAI, developer of GPT-4), Madrona Venture Group and legislation agency Wilson Sonsini.
Lexion mentioned the cash shall be used to additional improve its core platform and AI capabilities with the objective of serving to firms shut offers quicker.
“Lexion is all about serving to each staff do extra enterprise, quicker,” mentioned Gaurav Oberoi, CEO. “We’ve confirmed how award-winning AI and no-code automation can speed up authorized duties, however we’ve additionally seen different divisions adopting the software program. Now we’re accelerating gross sales cycles, vendor agreements, safety critiques, RFPs, and even employment affords for departments the place authorized just isn’t instantly concerned.
(Pictured above are Elwany, Oberoi and Jessica Nguyen, chief authorized officer.)
The corporate says it skilled dramatic progress final 12 months, tripling its income for the third 12 months in a row and increasing its buyer base to incorporate lots of of company purchasers from varied industries, together with B2B know-how, healthcare, client items, manufacturing, and gaming.
At the side of the funding, Sri Chandrasekar, managing accomplice at Point72 Ventures, is becoming a member of Lexion’s board.
“Lexion’s funding in AI, paired with the staff’s technical, product, and operations experience, positions the corporate nicely for broader adoption and cross-departmental enlargement,” he mentioned. “We’re excited to assist the staff as they proceed to innovate within the operations house.”