The New York-based company said the funding would be used to further drive its growth, following a year in which it opened additional offices in London and Melbourne and tripled its staff headcount.
Read about LexCheck on the LawNext Legal Tech Directory.
LexCheck was founded in 2015, originally under the name LitIQ, by Gurinder “Gary” Sangha, a lawyer and serial entrepreneur, who previously founded Intelligize, a securities compliance platform that was acquired by LexisNexis in 2016. Prior to Intelligize, Sangha practiced securities law at Shearman & Sterling and White & Case.
This latest funding round was led by Ulu Ventures and included participation from Kli Capital and Howard Morgan, among others.
“Rapid growth and traction within our customer base are evidence that LexCheck has found a strong fit addressing the needs of large enterprises,” said Sangha. “We expect our momentum in the space will only grow as enterprise software, and legal technology specifically, become increasingly critical to all organizations.”
LexCheck says its technology delivers attorney-quality negotiation of contracts, ranging from NDAs to procurement and sales agreements to complex investment and acquisition agreements. Its technology can be tailored to a client’s specific needs with minimal training data, while also accounting for business context, the company says.
Once deployed, the platform provides issues lists or revisions to contract language within minutes of uploads, reducing the amount of time attorneys spend reviewing contracts by over 90%, the company says.