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Can Artificial Intelligence replace lawyers? Perhaps sometime in the distant future, but in the meantime AI is already augmenting the work done by legal professionals as startups race to reach that ultimate goal.
One burgeoning player in the AI-powered legal tech space is Tel Aviv-based LawGeex, which has developed automated contract review technology to help companies sift through things like NDAs, supply agreements, purchase orders, and SaaS licenses, to ensure they’re aren’t any unsanctioned legal gotchas buried deep in legalise. Today, the company is announcing that it has closed $12 million in new investment.
VC - Fund - Aleph - Participation - Backers
Led by VC fund Aleph, with participation from previous backers, including Lool Ventures, the new round of funding will be used by LawGeex to further develop its product, and build a bigger presence in the U.S. where it recently opened a New York office. It brings the startup’s total funding to date to $21.5 million.
Designed to answer the question ‘Can I sign this?’ the LawGeex contract review system aims to significantly speed up and cut costs inherent with the contract approval process. The idea is that once a new contract is sent to a business, it is uploaded to LawGeex where a “first-pass review” of the contract is undertaken using the startup’s AI. This checks the contract against a company’s predefined legal policies.
Everything - Contract - LawGeex - VP - Marketing
“If everything looks good, we can automatically approve the contract for signing right then and there,” explains LawGeex VP Marketing Shmuli Goldberg. “If we spot any issues that need to be...
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