Israeli startup LawGeex completed a $ 20 million round of funding

Israeli startup LawGeex, which has developed a system for automated legal contract analysis, announced the completion of a $ 20 million round of funding led by the American venture capital firm Corner. The round was also joined by the La Maison Fund and the company's existing investors - Alf and Lool Funds, along with Tom Glosser, former CEO of Thompson Reuters. The fundraising itself was completed in early April, during the health crisis. The current investment brings the company's total funding to 45 $ 1 million, all capital goes into the company's fund.
LawGeex was established under the understanding that there are parts of the law profession that are relatively structured and technical, so they can be optimized through technology and save on time and costs. Intended for the Sisyphean and repetitive work of review and review of "incoming" contracts - those submitted by companies that the company wants to call or comments that the other party submits to contracts that the company's own legal department has created.
Logix's system reviews the contract according to customer-defined policy settings and provides feedback and explanation to the user about problematic exposure, such as non-standard or missing sections. It marks on the contract the problematic places, and offers an alternate text that can be accepted or edited, as an intern or lawyer would suggest to the partner who accompanies it.
LawGeex's product appeals to large organizations. The company's clients include 40 Fortune 500 and Global 2000 companies, including technology companies such as eBay and HP, such as General Electric, Johnson & Johnson and Mitsubishi Materials and 3 of the 5 largest US insurance companies. As well as law firms including White & Case.The business model is based on a yearly software subscription (SaaS), the subscription ranges from tens of thousands of dollars to hundreds of thousands of dollars, with pricing taking into account the number of automation contracts and their scope - that is, how much the company contracts Passing through the system.
LawGeex was founded in Koor in 2014 together with Ilan Admon, who is the CTO of the company. The company employs about 80 employees, 60 of whom are in Israel and the rest in its New York offices. Women make up 46% of the company's technology employees.